86Creation of memorandum for the purpose of assessment

86 Creation of memorandum for the purpose of assessment (1) If the Commissioner has reason to suspect that: (a) a dutiable transaction has occurred; but (i) no instrument has been lodged in relation to the transaction for the assessment of duty; (ii) it is impractical or impossible for the instrument, or a copy of the instrument, to be lodged for assessment or reassessment of duty; the Commissioner may create a memorandum of the transaction. (2) The memorandum is to be assessed for duty as if it were a dutiable instrument relating to the dutiable transaction brought into existence on the date of the dutiable transaction and lodged for the assessment of duty under this Act on the date of its creation by the (3) If: (a) a motor vehicle registered under the Motor Vehicles Act 1949 is sold or disposed of; and (i) the new owner does not apply to the Registrar for transfer of registration of the vehicle within the period required by that Act; (ii) the duty paid by the new owner in relation to the registration of the vehicle is not based on the dutiable value of the vehicle as worked out under section 59; the Commissioner may create a memorandum and assess it for duty as the certificate of registration that might have been issued if an application for transfer of registration had been made as required. (4) If a memorandum is created under subsection (3), the new owner of the vehicle is liable to interest and penalty tax on the basis that a default in the payment of the duty assessed on the memorandum

Stamp Duty Act 1978 75 occurred at the end of the period within which an application for transfer of registration should have been made.