Revenue rulings TAA-008 and TAA-007v5 published

TAA-007v5 replaces TAA-007v4. It has been updated to: 

• clarify the circumstances under which the Commissioner will remit market interest (the Commissioner’s position on penalty tax remains the same)
• transfer content relating to notification defaults to TAA-008
• improve the readability of the ruling.

TAA-008 is a new ruling. It sets out the Commissioner’s position on the consequences of notification defaults by taxpayers including:  

• a failure to give notice to the Commissioner of State Revenue in accordance with sections 61B, 61C, 61D, 61E or 61F of the Land Tax Act 2005 (Construction/Renovation of Principal Place of Residence Notification Default)
• a failure to notify the Commissioner of a change in circumstances in accordance with section 70N of the Land Tax Act 2005 (Build to Rent Notification Default)
• a failure to notify the Commissioner of an error or omission in accordance with section 26 of the Windfall Gains Tax Act 2021 (Windfall Gains Tax Notification Default)
• a new example for trust notification default (Example 2 in the ruling).