70Proceeds of sale

70 Proceeds of sale (1) If land is sold under this Division, the proceeds are to be applied as follows: (a) first – in payment of the costs, charges and expenses of and incidental to the sale; (b) secondly – in payment of any money owing to a person entitled under a law of the Commonwealth to priority over an overriding statutory charge; (c) thirdly – in payment of money secured by an overriding statutory charge registered before the statutory charge under this Division; (d) fourthly – in payment of the outstanding tax liability; (e) fifthly – in payment of money secured by an overriding statutory charge registered after registration of the statutory charge under this Division; (f) sixthly – in payment of money secured by registered mortgages in the order of their priority;

Taxation Administration Act 2007 37 (g) seventhly – in payment of money secured by unregistered mortgages in order of their priority; (h) eighthly – in payment to the taxpayer. (2) In this section: mortgage includes a charge or encumbrance securing the payment of money.