33Returns by insured persons

33 Returns by insured persons

33 Returns by insured persons

If a foreign insurer holds a risk in respect of property situated in the State, the insured person in respect of that risk must, before the return date for each financial year, lodge with the Chief Commissioner a return that shows the amount of the premiums paid by the insured person in respect of the property to the insurer during—

(a) the financial year, or

(b) another period decided by the Chief Commissioner.

Note—

It is an offence under section 57 of the Taxation Administration Act 1996 to fail to lodge a return as required by this section.