(i) the total amount of land tax owing in respect of the land that was sold or transferred plus any penalty tax and interest payable; and
(ii) if a tax default, within the meaning of the Taxation Administration Act 1997 , has occurred in respect of the additional land, the total amount of land tax to which the default relates plus any penalty tax and interest payable.
Penalty: Fine not exceeding 10 penalty units.
(3) The owner of land, on the sale or transfer of that land, if there is no land value assessed in respect of that land, must, before the end of the relevant day, pay –
(a) if the owner owns only that land, the total of the following amounts:
(i) any amount of land tax owing and any penalty tax and interest payable;
(ii) an amount equivalent to the amount of land tax that would be payable had that land had an assessed land value equal to the determined value of that land; or
(i) the amount of land tax that would be payable had the land that was sold or transferred had an assessed land value equal to the determined value of that land plus any penalty tax and interest payable; and
(ii) if a tax default, within the meaning of the Taxation Administration Act 1997 , has occurred in respect of the additional land, the total amount of land tax to which the default relates plus any penalty tax and interest payable.
(a) if the Commissioner is satisfied that the contract price of the land is a true reflection of its value, the contract price of the land; or
(b) if the Commissioner is not satisfied that the contract price of the land is a true reflection of its value, the value of the land determined by a competent valuer and accepted by the Commissioner as a true reflection of the value of the land.
(a) may require the owner of the land to provide a declaration by a competent valuer as to the value of the land; and
(b) if not satisfied that the value of the land as stated in a declaration provided under paragraph (a) is a true reflection of the value of the land, may have the land valued by another competent valuer.
(9) [Section 39 Subsection (9) inserted by No. 21 of 2014, s. 21, Applied:09 Dec 2014] The Commissioner, if satisfied that special circumstances exist, may, by notice in writing to a person who is, before the sale or transfer of land, the owner of the land, determine that the relevant day in relation to the sale or transfer of land is a day specified in the notice or determined in accordance with the notice.
relevant day, in relation to a sale or transfer of land, means –
(a) the day on which the sale or transfer of land is completed; or
(b) if a day is specified in, or determined in accordance with, a notice issued under subsection (9) in relation to the sale or transfer of land, that day.