Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies to a parcel of land if--
(a) the parcel is one of the parts into which a larger parcel of land has been subdivided; and
(b) the person who subdivided the land (the subdivider) was, when the land was subdivided, the owner of the parcel; and
(c) when the land was subdivided, the parcel was not developed land; and
(d) since the land was subdivided, the parcel has been held for sale; and
(e) the parcel is not a balance lot; and
(f) at midnight on 30 June--
(i) the subdivider is still the owner of the parcel; and
(ii) the parcel is still not developed land.
(2) For levying land tax on the parcel for the following financial year, a reference to the unimproved value of the parcel is a reference to the value that, apart from this section, would be the unimproved value of the parcel, discounted by 40%.
(3) For this section, land is taken to be subdivided when a plan of subdivision, providing for the division of the land into lots, is registered under the Land Title Act 1994.
(4) Subsection (2) does not apply to a parcel of land--
(a) if the parcel is included in a valuation under the Valuation of Land Act 1944, section 34; or
(b) unless the parcel is 1 of at least 6 parcels of land in Queensland, owned by the subdivider, to which subsection (1) applies.
(5) In this section--
balance lot means a parcel of land that is--
(a) one of the parts into which land has been subdivided; and
(b) being held by the subdivider for further subdivision.
developed land means land improved, or being improved, by the construction of a building or other facility reasonably capable of being used.