sec.245KReassessment—application for AFAD concession made with application for land tax concession

### sec.245K Reassessment—application for AFAD concession made with application for land tax concession This section applies if— an application is made under section 245H , at the time mentioned in section 245H (2) (b) , for a concession for AFAD on a relevant transaction; and the commissioner decides the concession applies in relation to the relevant transaction. The commissioner must make a reassessment of the relevant transaction on the basis that the concession is applied in relation to the transaction. Subsection (2) applies despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). s 245K ins 2023 No. 18 s 4 (sec.245K-ssec.1) This section applies if— an application is made under section 245H , at the time mentioned in section 245H (2) (b) , for a concession for AFAD on a relevant transaction; and the commissioner decides the concession applies in relation to the relevant transaction. (sec.245K-ssec.2) The commissioner must make a reassessment of the relevant transaction on the basis that the concession is applied in relation to the transaction. (sec.245K-ssec.3) Subsection (2) applies despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). - (a) an application is made under section 245H , at the time mentioned in section 245H (2) (b) , for a concession for AFAD on a relevant transaction; and - (b) the commissioner decides the concession applies in relation to the relevant transaction.