Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
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.
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.
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.
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.
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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