SALES TAX ASSESSMENT ACT 1992 (Repealed)

S 124 repealed by No 179 of 1999, s 3 and Sch 2 item 69, effective 22 December 1999. S 124 formerly read:

OBLIGATIONS OF AGENT WINDING UP BUSINESS FOR ABSENTEE PRINCIPAL  

124(1) 

This section applies to an agent for a non-resident principal who has been instructed by the principal to wind up so much of the principal's business as is carried on in Australia.

124(2) 

The agent must give written notice to the Commissioner of the instruction, within 14 days after receiving the instruction from the principal.

124(3) 

The Commissioner must as soon as practicable notify the agent of the amount that the Commissioner considers is enough to cover any sales tax that the principal is liable to pay or may become liable to pay.

124(4) 

The agent must not (without the Commissioner's permission) part with any of the assets of the principal before receiving the notice from the Commissioner.

124(5) 

After receiving the Commissioner's notice, the agent must set aside, out of the assets available for paying sales tax, assets to the value of the amount notified, or the whole of the assets so available if they are less than that value.

124(6) 

The agent is liable as trustee to pay sales tax payable by the principal, to the extent of the value of assets that the agent is required to set aside.

124(7) 

If the agent, without reasonable excuse, contravenes this section or fails as trustee to pay the sales tax for which the agent is liable under subsection (6), the agent:

(a)  is personally liable to pay the sales tax, to the extent of the value of the assets that the agent is required to set aside under subsection (5); and

(b)  is guilty of an offence punishable on conviction by a fine of up to $1,000.

124(8) 

If 2 or more persons are instructed by the same principal to wind up the business, the obligations and liabilities under this section apply to all of those persons jointly.

124(9) 

This section does not reduce any obligation or liability of the agent that arises outside this section.

124(10) 

In this section:

``sales tax'' includes penalty under Part 9 and late-payment penalty.