sec.418Reassessment on application of charitable institution

### sec.418 Reassessment on application of charitable institution This section applies if, under an assessment, duty is imposed on an instrument or transaction because the use requirements under division 2 will not be complied with. If, on application by the charitable institution concerned, the commissioner is satisfied the property acquired, insured or held has been used solely, or almost solely, for a qualifying exempt purpose from the start date for the duration period, the commissioner must make a reassessment on the basis of compliance with division 2 . For the reassessment, the charitable institution must lodge the instruments required for the original assessment. s 418 amd 2005 No. 60 s 36 sch 2 ; 2006 No. 44 s 57 ; 2008 No. 39 s 13 ; 2010 No. 15 s 98 sch 3 (sec.418-ssec.1) This section applies if, under an assessment, duty is imposed on an instrument or transaction because the use requirements under division 2 will not be complied with. (sec.418-ssec.2) If, on application by the charitable institution concerned, the commissioner is satisfied the property acquired, insured or held has been used solely, or almost solely, for a qualifying exempt purpose from the start date for the duration period, the commissioner must make a reassessment on the basis of compliance with division 2 . (sec.418-ssec.3) For the reassessment, the charitable institution must lodge the instruments required for the original assessment.