(1) If the use requirement for an eligible transfer is not complied with—
(a) the eligible transfer is chargeable with duty at the rate set out in section 28(1) as if section 64B does not apply, subject to any exemption or concession other than in this Division; and
(b) the Commissioner may reassess duty on the transfer accordingly.
(2) A liability for duty imposed because of subsection (1) on an eligible transfer arises when the use requirement for that transfer is not complied with.
Note
Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises.
(3) A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made.
Note
Section 9(3)(c) of the Taxation Administration Act 1997 allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law.
S. 64H inserted by No. 17/2019 s. 32.