57MLiability for duty if residence requirement not complied with

57M Liability for duty if residence requirement not complied with (1) If the residence requirement for a PPR transfer is not complied with— S. 57M(1)(a) amended by No. 28/2011 s. 10, substituted by No. 28/2017 s. 14(1). (a) the PPR transfer is chargeable with duty— (i) at the rate set out in section 28(1) without any exemption or concession from duty under section 57JA, subject to any other exemption or concession; and (ii) without any adjustment of consideration under section 21(3) or (4) or 32V(3) or (4); and (b) the Commissioner may reassess duty on the PPR transfer accordingly (giving an allowance for any duty already paid on the PPR transfer). (2) A liability for duty imposed because of subsection (1) on a PPR transfer arises when the residency requirement for that transfer is not complied with. Note to s. 57M(2) amended by No. 69/2011 s. 9. Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises. S. 57M(3) amended by No. 26/2007 s. 110(a). (3) A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made. S. 57M(3) amended by No. 26/2007 s. 110(a). Section 9(3)(c) of the **Taxation Administration Act 1997** allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law. S. 57M(4) substituted by Nos 28/2017 s. 14(2), 50/2024 s. 22. (4) If the residence requirement for a PPR transfer is not complied with— (a) a transferee who received, in respect of the PPR transfer, a relevant benefit in their personal capacity is not entitled to a relevant benefit in respect of any other PPR transfer until the duty imposed because of subsection (1) has been paid; (b) if a transferee received, in respect of the PPR transfer, a relevant benefit as a guardian on behalf of a person under a legal disability, the guardian in that capacity, any subsequent guardian in that capacity or the person themselves (whether or not they continue to be under a legal disability) is not entitled to a relevant benefit in respect of any other PPR transfer until the duty imposed because of subsection (1) has been paid; (c) if a transferee received, in respect of the PPR transfer, a relevant benefit as a trustee of a special disability trust on behalf of the person who is the principal beneficiary of that trust, the trustee in that capacity, any subsequent trustee in that capacity or the person themselves (whether or not they continue to be a principal beneficiary of a special disability trust) is not entitled to a relevant benefit in respect of any other PPR transfer until the duty imposed because of subsection (1) has been paid. S. 57M(5) inserted by No. 50/2024 s. 22. (5) For the purposes of subsection (4), a ***relevant benefit*** is— (a) a PPR concessional rate; or (b) an exemption or concession from duty under section 57JA; or S. 57N inserted by No. 86/2006 s. 3.