Only those taxpayers whose land holdings or land use change are required to lodge a return. Where a return was lodged for the 1987 tax year and neither land holdings nor land usage has changed since 31 December 1986, no return is required. Where a person who was liable for land tax prior to the 1987 tax year, but was not liable for 1987, and that person becomes liable for the 1988 year, an Initial Return must be lodged by 1 February 1988. Revenue Ruling LT1 which was issued in February 1986 sets out the Department's guidelines regarding the exercise of the Chief Commissioner's discretion in relation to the remission or reduction of additional tax imposed by the Act for late lodgement of returns or for failure to lodge returns. These guidelines will be applied to taxpayers who fail or neglect to lodge Initial or Variations Only Returns when required.
Additional tax is imposed to gain compliance with the provisions of the legislation.
In exceptional circumstances, special consideration will be given to a reduction of such additional tax. Extensions of Time to Lodge Returns 6. Where returns cannot be furnished as and when required by the Act or by the Chief Commissioner, an application requesting an extension of time to lodge returns should be made in writing prior to the due date for lodgement. Practitioners responsible for lodgement of a number of returns should make a single application enclosing a list of the names of all clients for whom an extension is sought. Where an application for an extension is approved an approval number is allocated.