65A   Alteration of strata unit entitlements

(1)  If the Chief Commissioner is of the opinion that the proportional unit entitlement of a lot the subject of a strata scheme is unfair or unreasonable, the Chief Commissioner may alter that entitlement as the Chief Commissioner thinks necessary to ensure that it is fair and reasonable.

(2)  The proportional unit entitlement of a lot is the proportion that the unit entitlement of the lot bears to the aggregate unit entitlement of all the lots that are the subject of the scheme.

(3)  The Chief Commissioner alters a proportional unit entitlement by giving written notice of the alteration to the owner of the lot concerned, and the alteration takes effect when that notice is given. Such a notice may be given as part of a notice of assessment.

(4)  The alteration may be made by altering the unit entitlement of the lot or the aggregate unit entitlement of all the lots that are the subject of the scheme, or by altering both those entitlements.

(5)  If the proportional unit entitlement of a lot is altered under this section, the Chief Commissioner may for the purpose of levying land tax apply that altered entitlement:

(a)  in respect of the tax year in which the alteration is made (and any subsequent year to which it is applicable), and

(b)  in respect of any tax year before the tax year in which the alteration is made (but not before the 1989 tax year).

(6)  For that purpose, the Chief Commissioner may make an assessment, reassessment or compromise assessment of land tax in accordance with Part 3 of the Taxation Administration Act 1996.

(7)  An alteration of unit entitlement under this section applies only for land tax purposes.

(8)  In this section, strata scheme means a strata scheme under the Strata Schemes (Freehold Development) Act 1973 or a leasehold strata scheme under the Strata Schemes (Leasehold Development) Act 1986, and expressions used in this section have the same meanings as in those Acts.