sec.197When commissioner must make reassessment

### sec.197 When commissioner must make reassessment The commissioner must make a reassessment of landholder duty imposed for a relevant acquisition if— at the time of the relevant acquisition, the landholder’s land-holdings included— land the subject of— a sale agreement that was later completed; or a purchase agreement that was not completed; or land-holdings of a trustee of a trust that was a subsidiary of the landholder because of— a trust interest sale agreement that was later completed; or a trust interest purchase agreement that was not completed; and the commissioner is satisfied the agreement was not made or was not part of an arrangement made for the purpose of avoiding the imposition of landholder duty. Also, the commissioner must make a reassessment of landholder duty imposed for a relevant acquisition if at the time of the relevant acquisition a person is taken to have acquired an interest in a landholder under an agreement to acquire the interest but the agreement is not completed. When reassessing landholder duty under subsection (1) , the commissioner must disregard the land mentioned in the subsection in— deciding whether the entity in which the acquisition is made is a landholder; and working out the dutiable value of the relevant acquisition. When reassessing the landholder duty under subsection (2) , the commissioner must disregard the interest mentioned in the subsection. For a reassessment under subsection (1) or (2) , the acquirer under the relevant acquisition must lodge the landholder duty statement for the acquisition. Subsection (1) or (2) applies to the reassessment despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). In this section— trust interest purchase agreement see section 166 . trust interest sale agreement see section 166 . s 197 amd 2010 No. 11 s 36 ; 2011 No. 20 s 115 (sec.197-ssec.1) The commissioner must make a reassessment of landholder duty imposed for a relevant acquisition if— at the time of the relevant acquisition, the landholder’s land-holdings included— land the subject of— a sale agreement that was later completed; or a purchase agreement that was not completed; or land-holdings of a trustee of a trust that was a subsidiary of the landholder because of— a trust interest sale agreement that was later completed; or a trust interest purchase agreement that was not completed; and the commissioner is satisfied the agreement was not made or was not part of an arrangement made for the purpose of avoiding the imposition of landholder duty. (sec.197-ssec.2) Also, the commissioner must make a reassessment of landholder duty imposed for a relevant acquisition if at the time of the relevant acquisition a person is taken to have acquired an interest in a landholder under an agreement to acquire the interest but the agreement is not completed. (sec.197-ssec.3) When reassessing landholder duty under subsection (1) , the commissioner must disregard the land mentioned in the subsection in— deciding whether the entity in which the acquisition is made is a landholder; and working out the dutiable value of the relevant acquisition. (sec.197-ssec.4) When reassessing the landholder duty under subsection (2) , the commissioner must disregard the interest mentioned in the subsection. (sec.197-ssec.5) For a reassessment under subsection (1) or (2) , the acquirer under the relevant acquisition must lodge the landholder duty statement for the acquisition. (sec.197-ssec.6) Subsection (1) or (2) applies to the reassessment despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). (sec.197-ssec.7) In this section— trust interest purchase agreement see section 166 . trust interest sale agreement see section 166 . - (a) at the time of the relevant acquisition, the landholder’s land-holdings included— (i) land the subject of— (A) a sale agreement that was later completed; or (B) a purchase agreement that was not completed; or (ii) land-holdings of a trustee of a trust that was a subsidiary of the landholder because of— (A) a trust interest sale agreement that was later completed; or (B) a trust interest purchase agreement that was not completed; and - (i) land the subject of— (A) a sale agreement that was later completed; or (B) a purchase agreement that was not completed; or - (A) a sale agreement that was later completed; or - (B) a purchase agreement that was not completed; or - (ii) land-holdings of a trustee of a trust that was a subsidiary of the landholder because of— (A) a trust interest sale agreement that was later completed; or (B) a trust interest purchase agreement that was not completed; and - (A) a trust interest sale agreement that was later completed; or - (B) a trust interest purchase agreement that was not completed; and - (b) the commissioner is satisfied the agreement was not made or was not part of an arrangement made for the purpose of avoiding the imposition of landholder duty. - (i) land the subject of— (A) a sale agreement that was later completed; or (B) a purchase agreement that was not completed; or - (A) a sale agreement that was later completed; or - (B) a purchase agreement that was not completed; or - (ii) land-holdings of a trustee of a trust that was a subsidiary of the landholder because of— (A) a trust interest sale agreement that was later completed; or (B) a trust interest purchase agreement that was not completed; and - (A) a trust interest sale agreement that was later completed; or - (B) a trust interest purchase agreement that was not completed; and - (A) a sale agreement that was later completed; or - (B) a purchase agreement that was not completed; or - (A) a trust interest sale agreement that was later completed; or - (B) a trust interest purchase agreement that was not completed; and - (a) deciding whether the entity in which the acquisition is made is a landholder; and - (b) working out the dutiable value of the relevant acquisition.