TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 14 - Benefits, gains and taxable supplies for which amounts must be paid to the Commissioner  

Subdivision 14-E - GST payable on taxable supplies of certain real property  

SECTION 14-255   NOTIFICATION BY SUPPLIERS OF RESIDENTIAL PREMISES ETC.  

14-255(1)  
You must not make a *supply, by way of sale or long-term lease (within the meaning of the *GST Act), of *residential premises or of *potential residential land to another entity unless, before making the supply, you have given to the other entity a written notice stating:


(a) whether the other entity will be required to make a payment under section 14-250 in relation to the supply; and


(b) if the other entity will be required to make such a payment in relation to the supply:


(i) the name and *ABN of the entity that is liable to pay the *GST on the supply; and

(ii) the amount that the other entity will be required to pay to the Commissioner under section 14-250 in relation to the supply; and

(iii) when the other entity will be required to pay that amount; and

(iv) if some or all of the *consideration for the supply will not be expressed as an amount of *money - the *GST inclusive market value of so much of the consideration as will not be expressed as an amount of money; and

(v) such other matters as are specified in the regulations.

14-255(2)  
However, subsection (1):


(a) does not apply to a supply of *commercial residential premises; and


(b) does not apply to a supply of *potential residential land to another entity if the other entity:


(i) is registered (within the meaning of the *GST Act); and

(ii) acquires the land for a *creditable purpose.

14-255(3)  
To avoid doubt, a failure to comply with subsection (1) does not affect the other entity ' s obligation to make a payment under section 14-250 . Strict liability offence

14-255(4)  
You must not fail to give a notice required under this section.

Penalty: 100 penalty units.

14-255(5)  
An offence against subsection (4) is a strict liability offence.

Note:

For strict liability, see section 6.1 of the Criminal Code.

Administrative penalty

14-255(6)  
You are liable to pay the Commissioner a penalty of 100 penalty units if you fail to give a notice required under this section.

Note:

Division 298 contains machinery provisions for administrative penalties.

14-255(7)  
However, you are not liable to a penalty for failing to meet the requirements of paragraph (1)(b) in relation to a supply if, at the time you gave the notice, you reasonably believed that you were not required to meet those requirements in relation to that supply.


 

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