sec.292Reassessment—noncomplying use by co-operatives

### sec.292 Reassessment—noncomplying use by co-operatives This section applies if— under section 285 (a) , mortgage duty is not imposed on a mortgage given to secure an advance to a co-operative under the Co-operatives National Law (Queensland) ; and the advance or part of it is not used for a purpose mentioned in the section (the noncomplying use ). Within 28 days after starting to use the advance or part of it for the noncomplying use, the co-operative must— give notice in the approved form to the commissioner; and ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage. Failure to give the notice is an offence under the Administration Act , section 120 . The commissioner must make a reassessment to impose mortgage duty on the mortgage as if the exemption from duty had never applied. Unpaid tax interest and penalty tax may be payable under the Administration Act , part 5 . Subsection (3) applies to the reassessment despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). s 292 amd 2020 No. 18 s 65 s ch 1 pt 2 (sec.292-ssec.1) This section applies if— under section 285 (a) , mortgage duty is not imposed on a mortgage given to secure an advance to a co-operative under the Co-operatives National Law (Queensland) ; and the advance or part of it is not used for a purpose mentioned in the section (the noncomplying use ). (sec.292-ssec.2) Within 28 days after starting to use the advance or part of it for the noncomplying use, the co-operative must— give notice in the approved form to the commissioner; and ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage. Failure to give the notice is an offence under the Administration Act , section 120 . (sec.292-ssec.3) The commissioner must make a reassessment to impose mortgage duty on the mortgage as if the exemption from duty had never applied. Unpaid tax interest and penalty tax may be payable under the Administration Act , part 5 . (sec.292-ssec.4) Subsection (3) applies to the reassessment despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). - (a) under section 285 (a) , mortgage duty is not imposed on a mortgage given to secure an advance to a co-operative under the Co-operatives National Law (Queensland) ; and - (b) the advance or part of it is not used for a purpose mentioned in the section (the noncomplying use ). - (a) give notice in the approved form to the commissioner; and - (b) ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage.