Victorian Current Acts Victorian Current Acts(1) If—
(a) a person liable to pay a growth areas infrastructure contribution has entered into a work-in-kind agreement to meet the whole or part of that liability and fails to perform that agreement or a stage of that agreement in accordance with the terms of the agreement by the due date for performance; and
(b) the contribution has been deferred under Subdivision 3 or is subject to an approval for staged payment under Subdivision 4—
the whole of the contribution becomes immediately payable as if the contribution had never been deferred or the approval had never been given.
Note
If the whole of the contribution is treated as never having been deferred or being subject to an approval for staged payment, a tax default within the meaning of the Taxation Administration Act 1997 will occur in respect of payment of the whole of the contribution that the person would have had to pay if the person had not deferred the contribution or been given the approval for staged payment. Under Part 5 of that Act the person will then be liable to pay interest and penalty tax from what would have been the last day for payment of the whole of the contribution under section 201SL or 201SMAA(6).
(2) Despite subsection (1), a person remains liable under the work-in-kind agreement to perform the obligations under the agreement.
Subdivision 3—Deferral of GAIC
S. 201SM inserted by No. 23/2010 s. 9.