16When does duty become payable?

16 When does duty become payable? (1) The duty payable under this chapter in relation to a dutiable transaction mentioned in column 2 of an item in table 16 becomes payable at the time mentioned in the item, column 3. Table 16 column 1 item column 2 dutiable transaction column 3 when duty becomes payable column 4 period within which duty must be paid 1 transfer of dutiable property, other than mentioned in s 10 (1) (h) when the transfer is registered with the registrar-general 2 transfer of dutiable property mentioned in s 10 (1) (h) when the option to purchase is 90 days 3 agreement for sale or transfer when the transfer is registered with the registrar-general after the agreement is completed 4 declaration of trust when the declaration is made 90 days 5 grant of a Crown lease (or declared land sublease) when the lease (or sublease) is registered with the registrar- general 6 grant of a commercial lease with premium when the lease is granted 90 days 7 cancelled agreement for which duty is payable under s 50 when the cancelled agreement is lodged with the commissioner under s 15 (3) Note Liability for duty payable under pt 3.2 arises when a relevant acquisition is made (see s 85). Duty must be paid within 90 days after the relevant acquisition is made (see s 88).

(2) A tax default does not happen for the Taxation Administration Act if duty payable under this chapter in relation to a dutiable transaction mentioned in column 2 of an item in table 16 is paid within the period mentioned in column 4 of the item, or any longer time determined by the commissioner, after the duty becomes payable. (3) A determination is a notifiable instrument.