1 Name of Regulation
This Regulation is the Land Tax Management (Transitional) Regulation 2018.
2 Commencement
This Regulation commences on the day on which it is published on the NSW legislation website.
3 Refund of surcharge land tax for 2017 land tax year
(1) The Chief Commissioner must assess or reassess the surcharge land tax chargeable on residential land on the basis that no surcharge land tax is chargeable on the residential land for the land tax year starting on 1 January 2017 if:(a) a liability for surcharge land tax arose at midnight on 31 December 2016, and(b) a relevant determination is made by the Chief Commissioner before 1 January 2018 and is approved by the Treasurer for the purposes of this clause, and(c) the Chief Commissioner is satisfied that no surcharge land tax would have been chargeable on the residential land had the relevant determination been made before the liability for surcharge land tax arose.(2) A relevant determination is a determination made under section 104I (2) of the Duties Act 1997 (as inserted by the State Revenue and Other Legislation Amendment (Budget Measures) Act 2017).(3) In the case of a reassessment, the Chief Commissioner must refund any surcharge land tax paid on the residential land if an application for the refund of the land tax is made within 5 years after the initial assessment.(4) In this clause, residential land has the same meaning as in Chapter 2A of the Duties Act 1997.