sec.42Obligation to notify incorrect gross value royalty decision

sec.42 Obligation to notify incorrect gross value royalty decision

This section applies if— a holder for a mineral to which a gross value royalty decision (the existing decision ) applies becomes aware that the existing decision was not, or is no longer, correct; and the gross value of the mineral, correctly decided, would be greater than the value stated in the existing decision. Within 30 days after becoming aware the existing decision was not, or is no longer, correct, the holder must— advise the revenue commissioner, in writing— that the existing decision was not, or is no longer, correct; and the reason the existing decision was not, or is no longer, correct; and give the revenue commissioner any relevant documents or information to enable the gross value of the mineral to be correctly decided. In relation to a failure to comply with a requirement under this section, see the Taxation Administration Act 2001 , sections 120 and 121 . (sec.42-ssec.1) This section applies if— a holder for a mineral to which a gross value royalty decision (the existing decision ) applies becomes aware that the existing decision was not, or is no longer, correct; and the gross value of the mineral, correctly decided, would be greater than the value stated in the existing decision. (sec.42-ssec.2) Within 30 days after becoming aware the existing decision was not, or is no longer, correct, the holder must— advise the revenue commissioner, in writing— that the existing decision was not, or is no longer, correct; and the reason the existing decision was not, or is no longer, correct; and give the revenue commissioner any relevant documents or information to enable the gross value of the mineral to be correctly decided. In relation to a failure to comply with a requirement under this section, see the Taxation Administration Act 2001 , sections 120 and 121 .

• (a) a holder for a mineral to which a gross value royalty decision (the existing decision ) applies becomes aware that the existing decision was not, or is no longer, correct; and
• (b) the gross value of the mineral, correctly decided, would be greater than the value stated in the existing decision.
• (a) advise the revenue commissioner, in writing— (i) that the existing decision was not, or is no longer, correct; and (ii) the reason the existing decision was not, or is no longer, correct; and
• (i) that the existing decision was not, or is no longer, correct; and
• (ii) the reason the existing decision was not, or is no longer, correct; and
• (b) give the revenue commissioner any relevant documents or information to enable the gross value of the mineral to be correctly decided.
• (i) that the existing decision was not, or is no longer, correct; and
• (ii) the reason the existing decision was not, or is no longer, correct; and