sec.156CReassessment—noncompliance with particular requirements

### sec.156C Reassessment—noncompliance with particular requirements This section applies if— duty is assessed on a dutiable transaction on the basis of an exemption under section 151A ; and after the assessment, the land transferred or acquired— is not used for an eligible use before the start date, or new start date, for the land under section 151A (2) (d) or (3) (b) (i) ; or is not used for an eligible use for the duration period, or new duration period, for the land under section 151 (2) (e) or (3) (b) (ii) . Within 28 days after the event mentioned in subsection (1) (b) happens, the transferee or acquirer must— give notice of the event in the approved form to the commissioner; and ensure the instruments required for the assessment of duty are lodged for a reassessment of duty on the dutiable transaction. Failure to give the notice is an offence under the Administration Act , section 120 . The commissioner must make a reassessment of duty on the transaction as if the exemption had never applied. Unpaid tax interest and penalty tax may be payable under the Administration Act , part 5 . The reassessment must be made within the later of the following— the limitation period for the reassessment under the Administration Act ; 12 months after the event mentioned in subsection (1) (b) happens. Subsection (4) (b) applies despite the Administration Act , section 22 . s 156C ins 2011 No. 8 s 39 (sec.156C-ssec.1) This section applies if— duty is assessed on a dutiable transaction on the basis of an exemption under section 151A ; and after the assessment, the land transferred or acquired— is not used for an eligible use before the start date, or new start date, for the land under section 151A (2) (d) or (3) (b) (i) ; or is not used for an eligible use for the duration period, or new duration period, for the land under section 151 (2) (e) or (3) (b) (ii) . (sec.156C-ssec.2) Within 28 days after the event mentioned in subsection (1) (b) happens, the transferee or acquirer must— give notice of the event in the approved form to the commissioner; and ensure the instruments required for the assessment of duty are lodged for a reassessment of duty on the dutiable transaction. Failure to give the notice is an offence under the Administration Act , section 120 . (sec.156C-ssec.3) The commissioner must make a reassessment of duty on the transaction as if the exemption had never applied. Unpaid tax interest and penalty tax may be payable under the Administration Act , part 5 . (sec.156C-ssec.4) The reassessment must be made within the later of the following— the limitation period for the reassessment under the Administration Act ; 12 months after the event mentioned in subsection (1) (b) happens. (sec.156C-ssec.5) Subsection (4) (b) applies despite the Administration Act , section 22 . - (a) duty is assessed on a dutiable transaction on the basis of an exemption under section 151A ; and - (b) after the assessment, the land transferred or acquired— (i) is not used for an eligible use before the start date, or new start date, for the land under section 151A (2) (d) or (3) (b) (i) ; or (ii) is not used for an eligible use for the duration period, or new duration period, for the land under section 151 (2) (e) or (3) (b) (ii) . - (i) is not used for an eligible use before the start date, or new start date, for the land under section 151A (2) (d) or (3) (b) (i) ; or - (ii) is not used for an eligible use for the duration period, or new duration period, for the land under section 151 (2) (e) or (3) (b) (ii) . - (i) is not used for an eligible use before the start date, or new start date, for the land under section 151A (2) (d) or (3) (b) (i) ; or - (ii) is not used for an eligible use for the duration period, or new duration period, for the land under section 151 (2) (e) or (3) (b) (ii) . - (a) give notice of the event in the approved form to the commissioner; and - (b) ensure the instruments required for the assessment of duty are lodged for a reassessment of duty on the dutiable transaction. - (a) the limitation period for the reassessment under the Administration Act ; - (b) 12 months after the event mentioned in subsection (1) (b) happens.