344Conditions of deferral arrangement

344 Conditions of deferral arrangement (1) A deferral arrangement under section 343 must— (a) state the amount of lease variation charge that is being deferred; and (b) state that the deferred amount, and any accrued interest, must be paid to the commissioner for revenue not later than the earliest of the following— (i) if stated in the deferral arrangement—the date a certificate of occupancy is issued for part of the building work for the development to which the chargeable variation relates;

(ii) the date a certificate of occupancy is issued for all of the building work for the development to which the chargeable variation relates; (iii) 4 years from the day the chargeable variation is executed; and (c) include any other condition determined under subsection (2). (2) The Treasurer may determine other conditions to which a deferral arrangement is subject, including the rate of interest charged on the amount payable under the arrangement. Note There may be additional interest and penalty tax payable under the Taxation Administration Act 1999. (3) A determination is a disallowable instrument. (4) This section does not limit the Taxation Administration Act 1999, section 52, but any arrangement under that section about payment of a deferred lease variation charge under this subdivision must not be inconsistent with the conditions under subsection (1).