LAND TAX ACT 2010 - SECT 30 Discounting of Land Valuation Act value—subdivided land not yet developed

LAND TAX ACT 2010 - SECT 30

30 Discounting of Land Valuation Act value—subdivided land not yet developed

(1) This section applies to a parcel (the
"relevant parcel" ) if—

(a) the relevant parcel is 1 of the parts into which a larger parcel has been subdivided; and

(b) the person who subdivided the larger parcel (the
"subdivider" ) was the owner of the larger parcel when it was subdivided; and

(c) when the larger parcel was subdivided, the relevant parcel was not developed land; and

(d) since the larger parcel was subdivided, the relevant parcel has been held for sale; and

(e) when a liability for land tax on the relevant parcel arises—

(i) the subdivider is still the owner of the relevant parcel; and

(ii) the relevant parcel is still not developed land and is not being held by the subdivider for further subdivision; and

(f) the Land Valuation Act value of the relevant parcel for the relevant financial year is not calculated under that Act, chapter 2 , part 3 , division 3 ; and

Note—

The Land Valuation Act , chapter 2 , part 3 , division 3 provides for separate parcels to be included in 1 valuation in particular circumstances.

(g) the subdivider owns at least 5 other parcels that satisfy paragraphs (a) to (e) .

(2) For assessing the subdivider’s liability for land tax, the Land Valuation Act value of the relevant parcel must be 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) In this section—


"developed land" means land improved, or being improved, by the construction of a building or other improvement reasonably capable of being used.