sec.246AFReassessment of pre-incorporation contract—company becomes foreign corporation within 3 years

### sec.246AF Reassessment of pre-incorporation contract—company becomes foreign corporation within 3 years This section applies if— transfer duty is not imposed on a dutiable transaction because of section 116 (4) ; and AFAD is not imposed on the agreement for the transfer of the dutiable property; and the dutiable property is AFAD residential land; and the company is not a foreign corporation when the dutiable property is transferred to the company. The commissioner must make a reassessment under subsection (3) if, within 3 years after the dutiable property is transferred to the company, the company becomes a foreign corporation. The commissioner must make a reassessment to impose AFAD on the agreement as if the company were a foreign corporation. Within 28 days after the event mentioned in subsection (2) happens, the company 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 246AF ins 2017 No. 20 s 14 (sec.246AF-ssec.1) This section applies if— transfer duty is not imposed on a dutiable transaction because of section 116 (4) ; and AFAD is not imposed on the agreement for the transfer of the dutiable property; and the dutiable property is AFAD residential land; and the company is not a foreign corporation when the dutiable property is transferred to the company. (sec.246AF-ssec.2) The commissioner must make a reassessment under subsection (3) if, within 3 years after the dutiable property is transferred to the company, the company becomes a foreign corporation. (sec.246AF-ssec.3) The commissioner must make a reassessment to impose AFAD on the agreement as if the company were a foreign corporation. (sec.246AF-ssec.4) Within 28 days after the event mentioned in subsection (2) happens, the company 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) transfer duty is not imposed on a dutiable transaction because of section 116 (4) ; and - (b) AFAD is not imposed on the agreement for the transfer of the dutiable property; and - (c) the dutiable property is AFAD residential land; and - (d) the company is not a foreign corporation when the dutiable property is transferred to the company. - (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.