(1) A person liable to
pay duty on a dutiable transaction is to pay the duty within one month after
the date of the assessment notice in relation to the dutiable transaction or,
if it is later in time —
(a)
within 12 months after the day on which liability for duty arose, in
relation to —
(i)
a farming land conditional agreement; or
(ii)
a mining tenement conditional agreement; or
(iii)
an agreement for the transfer of dutiable property
if —
(I) the subject of the agreement is, solely
or dominantly, farming land within the meaning of section 99(1); and
(II) the completion of
the agreement is affected by or subject to an activity that constitutes
primary production;
or
(b)
subject to subsection (2), within 2 years after the day on which
liability for duty arose, in relation to —
(i)
an off-the-plan conditional agreement; or
(ii)
a subdivision conditional agreement.
(2)
Subsection (1)(b) does not apply in respect of a conditional agreement
referred to in that paragraph (the "original agreement” ) if,
before that agreement is duty endorsed, the person liable to pay duty under
that agreement enters into a further dutiable
transaction (the "new transaction") in respect of the dutiable property, or
part of the dutiable property, the subject of the original agreement.
(3) A person liable to
pay duty under an original agreement must notify the Commissioner of a
new transaction in the approved form within 2 months of entering into
that transaction.
Penalty: a fine of $20 000.