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Amendment of section 960R of Principal Act (power of Collector-General to require certain persons to provide return of property)
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80. Section 960R of the Principal Act is amended—
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(a) in subsection (1) by inserting the following definition:
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“ ‘market value’, in relation to property, means the price which that property might reasonably be expected to fetch if sold in the open market;”,
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(b) in subsection (3) by substituting “ within 30 days of the giving of the notice a statement of affairs” for “within such time specified in the notice or within such period as the Collector-General may allow a statement of affairs”,
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(c) in subsection (5)—
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(i) in paragraph (a) by inserting “and a statement of all the person’s income and outgoings in respect of such period or periods as may be specified in the notice” after “is liable on the specified date”,
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(ii) in paragraph (b) by inserting “and a statement of all the income and outgoings of the second-mentioned person in respect of such period or periods as may be specified in the notice” after “the specified date”,
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(iii) in paragraph (c) by inserting “and a statement of all the income and outgoings of the trust in respect of such period or periods as may be specified in the notice” after “the specified date”, and
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(iv) in paragraph (d) by inserting “and a statement of all the person’s income and outgoings in respect of such period or periods as may be specified in the notice” after “is liable on the specified date”,
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(d) in subsection (7) by substituting the following for paragraph (e):
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“(e) its market value and details of any charges or encumbrances on that asset, and”,
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(e) by inserting the following after subsection (7):
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“(7A) A statement of affairs delivered under this section shall contain in respect of each liability and each item of income or outgoings such information as the Collector-General may specify in the prescribed form.”,
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(f) in subsection (9) by inserting “statutory” before “declaration”, and
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(g) by deleting subsection (10).
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