277First charge on land—foreign purchasers of residential property

277 First charge on land—foreign purchasers of residential property (a) a transferee is liable to pay duty under section 18A or 28A in relation to a transaction that occurs on or after 1 July 2015; and (b) a tax default occurs for the purposes of the **Taxation Administration Act 1997** in relation to the transaction; and (c) on or after 1 July 2016, the Commissioner makes an assessment or reassessment in relation to the transaction. (2) Any unpaid duty (including any penalty tax and interest) in relation to the transaction is a first charge on the land to which the transaction relates. (3) The charge has priority over all other encumbrances to which the land is subject. New s. 278 inserted by No. 40/2016 s. 8.