Northern Territory Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2009 (NO 17 OF 2009) - SECT 35

(1)     After section 56K(5)

insert

    (5A)     Subsection (5B) applies if:

    (a)     an amount is deducted from duty chargeable on a statement prepared and lodged under subsection (1) for a relevant acquisition of an interest by a person in a land-holding corporation because of section 56M(2)(c)(i); and

    (b)     the interposed trust becomes an unlisted unit trust scheme at any time within 3 years after the scheme is completed.

    (5B)     Despite section 56M(3), the person must, within 60 days after the interposed trust becomes an unlisted unit trust scheme:

    (a)     relodge the statement; and

    (b)     pay duty (including interest and penalty tax) on it as if the deduction had never applied.

(2)     Section 56K(6)

omit, substitute

    (6)     A person who fails to comply with subsection (1), (2), (3) or (5B) commits an offence.

Maximum penalty:     100 penalty units.