sec.63JReassessment of windfall tax

sec.63J Reassessment of windfall tax

This section applies if— windfall tax is assessed on a claim for a land tax windfall in relation to taxable land for a financial year; and the commissioner would, if the invalid land tax to which the land tax windfall relates had been validly imposed on the land, have been required or permitted to make a reassessment of liability for land tax at a foreign surcharge rate under this Act or the Administration Act . If a reassessment would have been required for the land tax, the commissioner must make a reassessment of the windfall tax. If a reassessment would have been permitted for the land tax, the commissioner may make a reassessment of the windfall tax. For reassessing the windfall tax— section 32 (1) (b) (ii) or (c) applies for working out the amount of the invalid land tax as if it were validly imposed land tax at a foreign surcharge rate; and the Administration Act , part 5 applies for working out unpaid tax interest and penalty tax in relation to the amount of the invalid land tax as if it were validly imposed land tax at a foreign surcharge rate. s 63J ins 2025 No. 15 s 14 (sec.63J-ssec.1) This section applies if— windfall tax is assessed on a claim for a land tax windfall in relation to taxable land for a financial year; and the commissioner would, if the invalid land tax to which the land tax windfall relates had been validly imposed on the land, have been required or permitted to make a reassessment of liability for land tax at a foreign surcharge rate under this Act or the Administration Act . (sec.63J-ssec.2) If a reassessment would have been required for the land tax, the commissioner must make a reassessment of the windfall tax. (sec.63J-ssec.3) If a reassessment would have been permitted for the land tax, the commissioner may make a reassessment of the windfall tax. (sec.63J-ssec.4) For reassessing the windfall tax— section 32 (1) (b) (ii) or (c) applies for working out the amount of the invalid land tax as if it were validly imposed land tax at a foreign surcharge rate; and the Administration Act , part 5 applies for working out unpaid tax interest and penalty tax in relation to the amount of the invalid land tax as if it were validly imposed land tax at a foreign surcharge rate.

• (a) windfall tax is assessed on a claim for a land tax windfall in relation to taxable land for a financial year; and
• (b) the commissioner would, if the invalid land tax to which the land tax windfall relates had been validly imposed on the land, have been required or permitted to make a reassessment of liability for land tax at a foreign surcharge rate under this Act or the Administration Act .
• (a) section 32 (1) (b) (ii) or (c) applies for working out the amount of the invalid land tax as if it were validly imposed land tax at a foreign surcharge rate; and
• (b) the Administration Act , part 5 applies for working out unpaid tax interest and penalty tax in relation to the amount of the invalid land tax as if it were validly imposed land tax at a foreign surcharge rate.