Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The following parcels of land are exempted from land tax:
(a) a parcel of land held under a development lease by a corporation;
(b) a parcel of residential land owned by a not-for-profit housing corporation.
(2) A parcel of land owned by a corporation carrying on business as a builder or land developer is exempt from land tax in relation to the parcel for 2 years beginning on the 1st day of the 1 st quarter after the corporation becomes the owner of the parcel if—
(a) the parcel is used by the corporation only to construct new residential premises; and
(b) the new residential premises are to be sold by the corporation when finished.
(3) In this section:
"development lease", of land, means a lease for the development of the land by the lessee, or at the lessee's expense, by clearing, filling, grading, draining, levelling or excavating the land to make it suitable for subdivision into parcels of land to be leased.
"new residential premises" includes premises intended and able to be occupied as a home that—
(a) have been created through substantial renovations of a building; or
(b) have been built, or contain a building that has been built, to replace demolished premises on the same land.
"not-for-profit housing corporation" means a corporation registered under the Corporations Act or the Cooperatives Act 2002 with a constitution that—
(a) states that the main objective of the corporation is the provision of housing; and
(b) prohibits the corporation from making a distribution (whether in money, property or another way) to its members.
"substantial renovations", of a building, are renovations in which all, or substantially all, of the building is removed or replaced, whether or not the renovations involve removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases.
Note Section 15 (2) disapplies this section in certain circumstances.