Clause 7

The principal Act is amended by renumbering section 71 as subsection (1) of that section, and by inserting immediately thereafter the following subsections:“(2) The Commissioner may by notice require any person to provide to the Commissioner by a specified time an appropriate valuation of any property that is the subject of an instrument (including any underlying property of a PHE within the meaning of section 23) for the purposes of determining the liability or the extent of the liability of the instrument to duty.(3) A person who, without reasonable excuse, fails to comply with the notice in subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part of a day during which the offence continues after conviction.(4) In subsection (2), an appropriate valuation is a valuation by a valuer who is independent of any party to the instrument, and has qualifications and experience that are relevant to the valuation sought by the Commissioner.”.