Duty liability
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Duty liability
Declaration
Liability to pay duty on the agreement for purchase 'Off the Plan' arises either:
on completion of the agreement, or
on the assignment of the whole or any part of the purchaser's interest under the agreement, or
on the expiration of 12 months after the date of the agreement (date of exchange)
or whichever first occurs.
Duty must be paid within 3 months of the relevant date to avoid any interest or penalties being applied.
More information
- Taxation Administration Act 1996 - Section 21 'Interest in respect of tax defaults'
- Taxation Administration Act 1996 - Section 22 'Interest rate'
- Taxation Administration Act 1996 - Section 26 'Penalty tax in respect of certain tax defaults'
- Taxation Administration Act 1996 - Section 27 'Amount of penalty tax'
- Duties Act 1997 - Section 49A Purchases 'off the plan'
Last updated: 09-May-2008