Finance Act 2010 Chapter V — AMENDMENTS TO THE REAL PROPERTY GAINS TAX ACT 1976

commencement of amendments to the real Property Gains tax act 1976

s 33

(1) Sections 34 and 35 commence on the coming into operation of this Act. (2) Section 36 has effect for the year of assessment 2011 and subsequent years of assessment. amendment of section 14

s 34

The Real Property Gains Tax Act 1976, which is referred to as the “principal Act” in this Chapter, is amended in subsection 14(4) by substituting for the proviso the following proviso: “Provided that no such assessment shall be made more than three years after the end of the year of assessment in which the Director General is informed in writing by the executor of the death of that chargeable person in a form prescribed under this Act.”. amendment of section 24

s 35

Section 24 of the principal Act is amended by inserting after subsection (7) the following subsections: “(7a) Any amount of excess in respect of tax payable for a year of assessment which is to be refunded to a person under subsection (1) may be utilized by the Director General for the payment of any other amount of tax which is due and payable (including any amount of instalments which are due and payable) by that person under this Act, or under the Income Tax Act 1967 or the Petroleum (Income Tax) Act 1967. (7 b ) Where amount of excess in respect of a person is ascertained in accordance with subsection 111(4a) of the Income Tax Act 1967 or subsection 50(4) of the Petroleum (Income Tax) Act 1967 such excess shall be applied for the payment of tax which is due and payable (including any amount of instalments which are due and payable) by that person under this Act.”. amendment of schedule 2

s 36

Schedule 2 to the principal Act is amended in subparagraph 16(a) by inserting after the word “Government” wherever appearing the words “or a State Government”.