(1) The owner of land must give written notice to the Commissioner if—
(a) a BTR benefit has been applied to the land; and
(b) there is a change in circumstances that results in the land or part of the land no longer being eligible for the BTR benefits.
(2) Notice must be given under subsection (1) within 30 days of the change of circumstances.
(3) For the purposes of subsection (1), land or a part of land is no longer used and occupied solely for an eligible BTR development if any of the following occur—
(a) there are one or more self-contained dwellings on the land or part of land that no longer satisfy the requirements in section 70B(1)(a) to (e);
(b) the BTR development no longer consists of at least 50 self-contained dwellings that satisfy the requirements in section 70B(1)(a) to (e).
(4) Failure to notify the Commissioner in accordance with subsection (1) is a notification default.
S. 70O inserted by No. 52/2021 s. 59.