sec.45Revenue commissioner must reassess amount of particular royalty payable

sec.45 Revenue commissioner must reassess amount of particular royalty payable

This section applies if— a gross value royalty decision (the unamended decision ), or an amendment under section 43 of a gross value royalty decision, for a mineral applies for an earlier return period; and the revenue commissioner has made an assessment under the Taxation Administration Act 2001 of the amount of royalty payable for the mineral by the holder for the earlier return period without having regard to the unamended decision or the amendment; and the decision mentioned in paragraph (a) increases or decreases the amount of royalty payable for the mineral by the holder for the earlier return period. The revenue commissioner must reassess, under the Taxation Administration Act 2001 , part 3 , division 3 — for an unamended decision—the amount of royalty payable for the mineral by the holder for each earlier return period to which the unamended decision applies; or for an amendment under section 43 of a gross value royalty decision—the amount of royalty payable for the mineral by the holder for each earlier return period to which the amendment applies. See the Taxation Administration Act 2001 , section 18 (b) . For the Taxation Administration Act 2001 , section 23 (b) (ii) , it is declared that the limitation period does not apply to— a reassessment required under subsection (2) (a) for a return period that decreases the holder’s liability for royalty, if the holder applies for a gross value royalty decision under section 35 within 5 years after royalty becoming payable for the return period; or a reassessment required under subsection (2) (a) for a return period that increases the holder’s liability for royalty, if the revenue commissioner gives the holder a notice under section 36 (3) , within 5 years after royalty becoming payable for the return period, stating that the revenue commissioner proposes to make a gross value royalty decision; or a reassessment required under subsection (2) (b) . (sec.45-ssec.1) This section applies if— a gross value royalty decision (the unamended decision ), or an amendment under section 43 of a gross value royalty decision, for a mineral applies for an earlier return period; and the revenue commissioner has made an assessment under the Taxation Administration Act 2001 of the amount of royalty payable for the mineral by the holder for the earlier return period without having regard to the unamended decision or the amendment; and the decision mentioned in paragraph (a) increases or decreases the amount of royalty payable for the mineral by the holder for the earlier return period. (sec.45-ssec.2) The revenue commissioner must reassess, under the Taxation Administration Act 2001 , part 3 , division 3 — for an unamended decision—the amount of royalty payable for the mineral by the holder for each earlier return period to which the unamended decision applies; or for an amendment under section 43 of a gross value royalty decision—the amount of royalty payable for the mineral by the holder for each earlier return period to which the amendment applies. See the Taxation Administration Act 2001 , section 18 (b) . (sec.45-ssec.3) For the Taxation Administration Act 2001 , section 23 (b) (ii) , it is declared that the limitation period does not apply to— a reassessment required under subsection (2) (a) for a return period that decreases the holder’s liability for royalty, if the holder applies for a gross value royalty decision under section 35 within 5 years after royalty becoming payable for the return period; or a reassessment required under subsection (2) (a) for a return period that increases the holder’s liability for royalty, if the revenue commissioner gives the holder a notice under section 36 (3) , within 5 years after royalty becoming payable for the return period, stating that the revenue commissioner proposes to make a gross value royalty decision; or a reassessment required under subsection (2) (b) .