sec.246ADReassessment if principal becomes foreign person after transfer

### sec.246AD Reassessment if principal becomes foreign person after transfer This section applies if— the dutiable property has been transferred to the principal by the original transferor or the agent; and AFAD is not imposed on the agreement, including on a reassessment under section 246AB , only because the agent is not a foreign person and the principal is not a foreign person. The commissioner must make a reassessment under subsection (3) if— the principal was a corporation and within 3 years after the time the liability for transfer duty on the agreement arose the principal becomes a foreign corporation; or both of the following apply— the principal acted in the principal’s capacity as trustee; within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust. The commissioner must make a reassessment to impose AFAD on the agreement as if, at the time the liability for transfer duty on the agreement arose, the agent was not a foreign person but the principal was a foreign person. Within 28 days after an event mentioned in subsection (2) (a) or (b) (ii) happens, the corporation or trustee of the trust must— give notice in the approved form to the commissioner; and ensure the instruments required for the assessment of duty on the agreement are lodged for a reassessment of duty on the agreement. Failure to give the notice is an offence under the Administration Act , section 120 . s 246AD ins 2017 No. 20 s 14 (sec.246AD-ssec.1) This section applies if— the dutiable property has been transferred to the principal by the original transferor or the agent; and AFAD is not imposed on the agreement, including on a reassessment under section 246AB , only because the agent is not a foreign person and the principal is not a foreign person. (sec.246AD-ssec.2) The commissioner must make a reassessment under subsection (3) if— the principal was a corporation and within 3 years after the time the liability for transfer duty on the agreement arose the principal becomes a foreign corporation; or both of the following apply— the principal acted in the principal’s capacity as trustee; within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust. (sec.246AD-ssec.3) The commissioner must make a reassessment to impose AFAD on the agreement as if, at the time the liability for transfer duty on the agreement arose, the agent was not a foreign person but the principal was a foreign person. (sec.246AD-ssec.4) Within 28 days after an event mentioned in subsection (2) (a) or (b) (ii) happens, the corporation or trustee of the trust must— give notice in the approved form to the commissioner; and ensure the instruments required for the assessment of duty on the agreement are lodged for a reassessment of duty on the agreement. Failure to give the notice is an offence under the Administration Act , section 120 . - (a) the dutiable property has been transferred to the principal by the original transferor or the agent; and - (b) AFAD is not imposed on the agreement, including on a reassessment under section 246AB , only because the agent is not a foreign person and the principal is not a foreign person. - (a) the principal was a corporation and within 3 years after the time the liability for transfer duty on the agreement arose the principal becomes a foreign corporation; or - (b) both of the following apply— (i) the principal acted in the principal’s capacity as trustee; (ii) within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust. - (i) the principal acted in the principal’s capacity as trustee; - (ii) within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust. - (i) the principal acted in the principal’s capacity as trustee; - (ii) within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust. - (a) give notice in the approved form to the commissioner; and - (b) ensure the instruments required for the assessment of duty on the agreement are lodged for a reassessment of duty on the agreement.