329Notice of assessment

329 Notice of assessment (1) On approval of a development application for a chargeable variation of a nominal rent lease, the commissioner for revenue must give— (a) a notice of assessment of the lease variation charge to the lessee; and (b) if the development application is made by someone other than the lessee—a copy of the notice to the applicant. (2) A lease variation charge is taken to be worked out— (a) on the day the development application for the chargeable variation is approved; or (b) if another day is prescribed by regulation—on that day. (3) A notice of assessment lapses on the earliest of the following— (a) the day the lease variation charge is paid; (b) the day the development approval of the chargeable variation lapses.

(4) For the Taxation Administration Act 1999, an assessment of a lease variation charge is a tax liability that only becomes payable if the territory planning authority executes the variation of the lease. Note The territory planning authority must not execute a variation of the lease unless the lessee has paid the assessed lease variation charge or the amount has been deferred (see s 328 (1)).