40Discount for early payment

40 Discount for early payment

40 Discount for early payment

(1) A person who pays land tax within 30 days after service of the notice of assessment of the land tax is entitled to a discount of the amount of land tax specified in the assessment excluding overdue land tax if—

(a) the whole of the amount specified in the assessment is paid, and

(b) no other liability in relation to land tax, interest or penalty tax is, at the time of payment, payable by the person to the Chief Commissioner (including a liability subject to objection, appeal or other dispute) or any such liability is paid in full when making the payment.

(2) The discount is to be at the rate determined by order of the Treasurer published in the Gazette. A rate may be determined in respect of assessments generally or in relation to assessments issued in a specified land tax year.

(3) This section has effect despite any other provision of this Act or the Land Tax Act 1956.

s 40: Am 1983 No 14, Sch 1 (5). Subst 1983 No 171, Sch 1 (8). Am 1990 No 88, Sch 1 (13); 1992 No 84, Sch 1 (18). Rep 1996 No 98, Sch 1.3 [18]. Ins 1999 No 10, Sch 4 [1].