48Effect of deferral determination

48 Effect of deferral determination (1) If a deferral determination defers a person’s obligation to pay all or part of the total amount of rates payable for a parcel of land as at the date of the determination— (a) the person’s obligation to pay the rates is reduced in accordance with the determination; and (b) the person becomes indebted to the Territory for the amount by which the obligation is reduced.

(2) If a deferral determination defers a person’s obligation to pay all or part of each amount of rates to become payable while the determination is in force— (a) immediately after each amount of rates becomes payable, the person’s obligation to pay the amount of rates is reduced in accordance with the determination; and (b) the person becomes indebted to the Territory for the amount by which the obligation is reduced. (3) A person who becomes indebted to the Territory for an amount under this section must pay interest on the amount at the market rate component determined under the Taxation Administration Act, section 26. (4) Interest is payable on the amount from the date of deferral of the obligation to pay the amount until the earlier of— (a) the day the amount is paid; and (b) the day the deferral determination is revoked. (5) For subsection (4), the date of deferral of the obligation to pay an amount is— (a) for an amount payable at the date of the deferral determination— that date; or (b) for an amount deferred after the date of the determination—the date when, if the determination had not been made, interest would begin to be payable on the amount under section 21 (Interest payable on overdue rates).