14‑255 Notification by suppliers of resi14‑255 Notification by suppliers of residential premises etc.

#### 14‑255 Notification by suppliers of residential premises etc. (1) You must not make a \*supply, by way of sale or long‑term lease (within the meaning of the \*GST Act), of \*residential premises or of \*potential residential land to another entity unless, before making the supply, you have given to the other entity a written notice stating: (a) whether the other entity will be required to make a payment under section 14‑250 in relation to the supply; and (b) if the other entity will be required to make such a payment in relation to the supply: (i) the name and \*ABN of the entity that is liable to pay the \*GST on the supply; and (ii) the amount that the other entity will be required to pay to the Commissioner under section 14‑250 in relation to the supply; and (iii) when the other entity will be required to pay that amount; and (iv) if some or all of the \*consideration for the supply will not be expressed as an amount of \*money—the \*GST inclusive market value of so much of the consideration as will not be expressed as an amount of money; and (v) such other matters as are specified in the regulations. (2) However, subsection (1): (a) does not apply to a supply of \*commercial residential premises; and (b) does not apply to a supply of \*potential residential land to another entity if the other entity: (i) is registered (within the meaning of the \*GST Act); and (ii) acquires the land for a \*creditable purpose. (3) To avoid doubt, a failure to comply with subsection (1) does not affect the other entity’s obligation to make a payment under section 14‑250. Strict liability offence (4) You must not fail to give a notice required under this section. Penalty: 100 penalty units. (5) An offence against subsection (4) is a strict liability offence. > Note: For strict liability, see section 6.1 of the Criminal Code. Administrative penalty (6) You are liable to pay the Commissioner a penalty of 100 penalty units if you fail to give a notice required under this section. > Note: Division 298 contains machinery provisions for administrative penalties. (7) However, you are not liable to a penalty for failing to meet the requirements of paragraph (1)(b) in relation to a supply if, at the time you gave the notice, you reasonably believed that you were not required to meet those requirements in relation to that supply.