New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 76A

76A Approval of application in advance of satisfaction of residence requirement

(1) The Chief Commissioner may approve an application in anticipation of compliance with the residence requirement under section 76 if the Chief Commissioner is satisfied that each applicant required to comply with the residence requirement intends to occupy the home as his or her principal place of residence for a continuous period of at least 12 months, with that occupation starting within 12 months after completion of the agreement or transfer or within a longer period approved by the Chief Commissioner.

(2) If an application is approved in anticipation of compliance with the residence requirement, the approval is given on condition that, if the residence requirement is not complied with, the applicant must within 14 days after the end of the period allowed for compliance--

(a) give written notice of that fact to the Chief Commissioner, and

(b) pay the relevant duty to the Chief Commissioner.

(3) The
"relevant duty" is the difference between the total amount of duty that would have been payable on the transactions and instruments the subject of the application, if they had not been eligible under the scheme, and the total amount of duty (if any) paid in respect of those transactions and instruments.

(4) A person who fails to comply with the condition prescribed by this section is guilty of an offence.

: Maximum penalty--50 penalty units.

(5) A failure to comply with the condition prescribed by this section is a tax default for the purposes of the Taxation Administration Act 1996 .