340Lease variation charge—reassessment

340 Lease variation charge—reassessment (a) a development application for approval of a chargeable variation of a nominal rent lease is approved; and (b) the commissioner for revenue gives a notice of assessment of a lease variation charge under section 329 (1); and (c) the territory planning authority executes a variation of the lease to which the lease variation charge relates. (2) The commissioner for revenue may reassess the lease variation charge under the Taxation Administration Act 1999, section 9 (Reassessment). (3) 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 in relation to the chargeable variation is made by someone other than the lessee—a copy of the notice to the applicant. Note The assessment notice must show the amount of the reassessment and the amount by which the assessment has been increased or decreased (see Taxation Administration Act 1999, s 14 (3)). (4) For this division, the Taxation Administration Act 1999, part 10 (Objections and reviews) applies only to a reassessment of a lease variation charge under this section.