(1) This section applies if—(a) land is exempt land for a financial year; and(b) when a liability for land tax arises for the next financial year, the land is no longer exempt land; and(c) the ownership of the land has not changed.
(2) The owner of the land must give the commissioner notice that the land is no longer exempt land.Note—Under the Administration Act , the requirement under this subsection is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.
(3) The notice must be given within 1 month after the start of the next financial year.