sec.245MReassessment—noncompliance with requirements for AFAD concession under s 245F

### sec.245M Reassessment—noncompliance with requirements for AFAD concession under s 245F This section applies if AFAD is not imposed on a relevant transaction only because a concession under section 245F is applied in relation to the transaction. The commissioner must make a reassessment under subsection (3) if the commissioner is satisfied any of the following circumstances apply in relation to the land— the acquirer does not construct a build to rent development on the land on or before 30 June 2030; See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for any financial year; if the acquirer has not obtained a BTR land tax concession in relation to the land for any financial year before the 2032–2033 financial year—the acquirer does not obtain a BTR land tax concession in relation to the land for the 2032–2033 financial year; if the acquirer has not obtained a BTR land tax concession in relation to the land for any financial year—an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any financial year; if the acquirer first obtains a BTR land tax concession in relation to the land for the 2032–2033 financial year or an earlier financial year (in either case the first concession year )— an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any 1 of the 4 financial years following the first concession year; or the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. The commissioner must make a reassessment to impose AFAD on the relevant transaction as if, at the time the liability for transfer duty on the transaction arose, the concession did not apply in relation to the transaction. For subsection (3) , the circumstance mentioned in subsection (2) (c) is taken to apply if the acquirer does not make an application under the Land Tax Act 2010 , section 58S in relation to the land for the 2032–2033 financial year within the period mentioned in section 58S (2) (b) of that Act. The reassessment must be made— for a circumstance mentioned in subsection (2) (a) —on or before 30 June 2035; or for a circumstance mentioned in subsection (2) (b) , (c) or (d) —on or before 30 June 2037; or for a circumstance mentioned in subsection (2) (e) (i) or (ii) —within 5 years after the end of the last financial year for which the acquirer obtains a BTR land tax concession in relation to the land. This section applies despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). s 245M ins 2023 No. 18 s 4 (sec.245M-ssec.1) This section applies if AFAD is not imposed on a relevant transaction only because a concession under section 245F is applied in relation to the transaction. (sec.245M-ssec.2) The commissioner must make a reassessment under subsection (3) if the commissioner is satisfied any of the following circumstances apply in relation to the land— the acquirer does not construct a build to rent development on the land on or before 30 June 2030; See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for any financial year; if the acquirer has not obtained a BTR land tax concession in relation to the land for any financial year before the 2032–2033 financial year—the acquirer does not obtain a BTR land tax concession in relation to the land for the 2032–2033 financial year; if the acquirer has not obtained a BTR land tax concession in relation to the land for any financial year—an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any financial year; if the acquirer first obtains a BTR land tax concession in relation to the land for the 2032–2033 financial year or an earlier financial year (in either case the first concession year )— an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any 1 of the 4 financial years following the first concession year; or the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. (sec.245M-ssec.3) The commissioner must make a reassessment to impose AFAD on the relevant transaction as if, at the time the liability for transfer duty on the transaction arose, the concession did not apply in relation to the transaction. (sec.245M-ssec.4) For subsection (3) , the circumstance mentioned in subsection (2) (c) is taken to apply if the acquirer does not make an application under the Land Tax Act 2010 , section 58S in relation to the land for the 2032–2033 financial year within the period mentioned in section 58S (2) (b) of that Act. (sec.245M-ssec.5) The reassessment must be made— for a circumstance mentioned in subsection (2) (a) —on or before 30 June 2035; or for a circumstance mentioned in subsection (2) (b) , (c) or (d) —on or before 30 June 2037; or for a circumstance mentioned in subsection (2) (e) (i) or (ii) —within 5 years after the end of the last financial year for which the acquirer obtains a BTR land tax concession in relation to the land. (sec.245M-ssec.6) This section applies despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). - (a) the acquirer does not construct a build to rent development on the land on or before 30 June 2030; Note— See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. - (b) the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for any financial year; - (c) if the acquirer has not obtained a BTR land tax concession in relation to the land for any financial year before the 2032–2033 financial year—the acquirer does not obtain a BTR land tax concession in relation to the land for the 2032–2033 financial year; - (d) if the acquirer has not obtained a BTR land tax concession in relation to the land for any financial year—an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any financial year; - (e) if the acquirer first obtains a BTR land tax concession in relation to the land for the 2032–2033 financial year or an earlier financial year (in either case the first concession year )— (i) an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any 1 of the 4 financial years following the first concession year; or (ii) the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. - (i) an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any 1 of the 4 financial years following the first concession year; or - (ii) the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. - (i) an event happens, or does not happen, as a result of which the acquirer is ineligible to obtain a BTR land tax concession in relation to the land for any 1 of the 4 financial years following the first concession year; or - (ii) the acquirer transfers or subdivides the land before the acquirer has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. - (a) for a circumstance mentioned in subsection (2) (a) —on or before 30 June 2035; or - (b) for a circumstance mentioned in subsection (2) (b) , (c) or (d) —on or before 30 June 2037; or - (c) for a circumstance mentioned in subsection (2) (e) (i) or (ii) —within 5 years after the end of the last financial year for which the acquirer obtains a BTR land tax concession in relation to the land.