Northern Territory Numbered Acts

TAXATION ADMINISTRATION ACT 2007 (NO 28 OF 2007) - SECT 70

    (1)     If land is sold under this Division, the proceeds are to be applied as follows:

    (a)     first – in payment of the costs, charges and expenses of and incidental to the sale;

    (b)     secondly – in payment of any money owing to a person entitled under a law of the Commonwealth to priority over an overriding statutory charge;

    (c)     thirdly – in payment of money secured by an overriding statutory charge registered before the statutory charge under this Division;

    (d)     fourthly – in payment of the outstanding tax liability;

    (e)     fifthly – in payment of money secured by an overriding statutory charge registered after registration of the statutory charge under this Division;

    (f)     sixthly – in payment of money secured by registered mortgages in the order of their priority;

    (g)     seventhly – in payment of money secured by unregistered mortgages in order of their priority;

    (h)     eighthly – in payment to the taxpayer.

    (2)     In this section:

"mortgage" includes a charge or encumbrance securing the payment of money.