s. 201SPA Example Example to s. 201SP(2) RST Pty Ltd is a private landholder that owns land subject substituted by to GAIC. X holds 60% of the interest in RST and disposes No. 31/2011 of that interest to Y. Y has made a significant acquisition s. 14(4), amended by and is liable to pay 60% of the GAIC payable in respect of No. 38/2012 the land. Y defers the payment of the GAIC under this s. 24(2). Subdivision. RST applies for a building permit to carry out work on the land. Y and RST are jointly and severally liable to pay the deferred GAIC together with the interest relating to the GAIC on or before the application for the building permit is made by RST. RST is also liable to pay 40% of the GAIC payable in respect of the land (indexed if applicable) arising from the building works. However, the time for paying both GAIC payments does not apply if RST applies for approval of the staged payment of the GAIC under Subdivision 4. (3) The time for payment of a growth areas infrastructure contribution under section 201SL does not apply in respect of the whole or part of a growth areas infrastructure contribution deferred under this Subdivision. (4) In this section— does not include excluded building building work work; does not include an excluded subdivision of land subdivision of land. S. 201SPA 201SPA Default on payment of deferred GAIC inserted by No. 23/2010 If a person does not pay the deferred growth areas s. 9, infrastructure contribution when due for payment amended by No. 31/2011 under section 201SP, the amount of the s. 15. contribution deferred under section 201SM becomes immediately payable as if the election of the deferral had never been made. Note to Note s. 201SPA If the deferred growth areas infrastructure contribution, including amended by No. 31/2011 any indexation and interest, is not paid when due under s. 27(1). section 201SP, a tax default within the meaning of the Taxation Administration Act 1997 will occur in respect of payment of the whole of the contribution that the person would have had to pay if
Example to s. 201SP(2) substituted by No. 31/2011 s. 14(4), amended by No. 38/2012 s. 24(2). Example RST Pty Ltd is a private landholder that owns land subject to GAIC. X holds 60% of the interest in RST and disposes of that interest to Y. Y has made a significant acquisition and is liable to pay 60% of the GAIC payable in respect of the land. Y defers the payment of the GAIC under this Subdivision. RST applies for a building permit to carry out work on the land. Y and RST are jointly and severally liable to pay the deferred GAIC together with the interest relating to the GAIC on or before the application for the building permit is made by RST. RST is also liable to pay 40% of the GAIC payable in respect of the land (indexed if applicable) arising from the building works. However, the time for paying both GAIC payments does not apply if RST applies for approval of the staged payment of the GAIC under Subdivision 4. (3) The time for payment of a growth areas infrastructure contribution under section 201SL does not apply in respect of the whole or part of a growth areas infrastructure contribution deferred under this Subdivision. (4) In this section— building work does not include excluded building work; subdivision of land does not include an excluded subdivision of land. S. 201SPA inserted by No. 23/2010 s. 9, amended by No. 31/2011 s. 15. 201SPA Default on payment of deferred GAIC s. 201SPA If a person does not pay the deferred growth areas infrastructure contribution when due for payment under section 201SP, the amount of the contribution deferred under section 201SM becomes immediately payable as if the election of the deferral had never been made. Note to s. 201SPA amended by No. 31/2011 s. 27(1). Note If the deferred growth areas infrastructure contribution, including any indexation and interest, is not paid when due under section 201SP, a tax default within the meaning of the Taxation Administration Act 1997 will occur in respect of payment of the whole of the contribution that the person would have had to pay if
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