sec.245NReassessment—noncompliance with requirements for AFAD concession under s 245G

### sec.245N Reassessment—noncompliance with requirements for AFAD concession under s 245G This section applies if AFAD is not imposed on a relevant transaction only because a concession under section 245G 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 transfers or subdivides the land during the acquisition year; a reassessment is made under the Land Tax Act 2010 , part 6A , division 5 of the acquirer’s liability for land tax for a financial year because— a reassessment has been made under that division of the transferor’s liability for land tax for the financial year on the basis that the land was not land used for an eligible BTR development for the financial year; and section 58I of that Act does not apply; the acquirer will be ineligible to obtain a BTR land tax concession in relation to the land for the financial year immediately following the acquisition year because— a reassessment has been made under the Land Tax Act 2010 , part 6A , division 5 of the transferor’s liability for land tax for the acquisition year on the basis that the land was not land used for an eligible BTR development for the acquisition year; and section 58I of that Act does not apply; another 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 the financial year immediately following the acquisition year; if the acquirer obtains a BTR land tax concession in relation to the land for the financial year immediately following the acquisition year (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. The reassessment must be made— for a circumstance mentioned in subsection (2) (a) or (d) —within 5 years after the end of the acquisition year; or for a circumstance mentioned in subsection (2) (b) or (c) —within 5 years after an assessment notice is given to the transferor in relation to the reassessment; 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 245N ins 2023 No. 18 s 4 (sec.245N-ssec.1) This section applies if AFAD is not imposed on a relevant transaction only because a concession under section 245G is applied in relation to the transaction. (sec.245N-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 transfers or subdivides the land during the acquisition year; a reassessment is made under the Land Tax Act 2010 , part 6A , division 5 of the acquirer’s liability for land tax for a financial year because— a reassessment has been made under that division of the transferor’s liability for land tax for the financial year on the basis that the land was not land used for an eligible BTR development for the financial year; and section 58I of that Act does not apply; the acquirer will be ineligible to obtain a BTR land tax concession in relation to the land for the financial year immediately following the acquisition year because— a reassessment has been made under the Land Tax Act 2010 , part 6A , division 5 of the transferor’s liability for land tax for the acquisition year on the basis that the land was not land used for an eligible BTR development for the acquisition year; and section 58I of that Act does not apply; another 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 the financial year immediately following the acquisition year; if the acquirer obtains a BTR land tax concession in relation to the land for the financial year immediately following the acquisition year (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.245N-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.245N-ssec.4) The reassessment must be made— for a circumstance mentioned in subsection (2) (a) or (d) —within 5 years after the end of the acquisition year; or for a circumstance mentioned in subsection (2) (b) or (c) —within 5 years after an assessment notice is given to the transferor in relation to the reassessment; 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.245N-ssec.5) 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 transfers or subdivides the land during the acquisition year; - (b) a reassessment is made under the Land Tax Act 2010 , part 6A , division 5 of the acquirer’s liability for land tax for a financial year because— (i) a reassessment has been made under that division of the transferor’s liability for land tax for the financial year on the basis that the land was not land used for an eligible BTR development for the financial year; and (ii) section 58I of that Act does not apply; - (i) a reassessment has been made under that division of the transferor’s liability for land tax for the financial year on the basis that the land was not land used for an eligible BTR development for the financial year; and - (ii) section 58I of that Act does not apply; - (c) the acquirer will be ineligible to obtain a BTR land tax concession in relation to the land for the financial year immediately following the acquisition year because— (i) a reassessment has been made under the Land Tax Act 2010 , part 6A , division 5 of the transferor’s liability for land tax for the acquisition year on the basis that the land was not land used for an eligible BTR development for the acquisition year; and (ii) section 58I of that Act does not apply; - (i) a reassessment has been made under the Land Tax Act 2010 , part 6A , division 5 of the transferor’s liability for land tax for the acquisition year on the basis that the land was not land used for an eligible BTR development for the acquisition year; and - (ii) section 58I of that Act does not apply; - (d) another 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 the financial year immediately following the acquisition year; - (e) if the acquirer obtains a BTR land tax concession in relation to the land for the financial year immediately following the acquisition year (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) a reassessment has been made under that division of the transferor’s liability for land tax for the financial year on the basis that the land was not land used for an eligible BTR development for the financial year; and - (ii) section 58I of that Act does not apply; - (i) a reassessment has been made under the Land Tax Act 2010 , part 6A , division 5 of the transferor’s liability for land tax for the acquisition year on the basis that the land was not land used for an eligible BTR development for the acquisition year; and - (ii) section 58I of that Act does not apply; - (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) or (d) —within 5 years after the end of the acquisition year; or - (b) for a circumstance mentioned in subsection (2) (b) or (c) —within 5 years after an assessment notice is given to the transferor in relation to the reassessment; 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.