Victorian Consolidated Legislation

Land Tax Act 2005 - SECT 41

Assessment of joint transmission easement holders

41. Assessment of joint transmission easement holders



(1) Joint transmission easement holders are to be assessed for land tax on
transmission easements in accordance with this section.

(2) Joint transmission easement holders are to be jointly assessed in respect
of a transmission easement as if held by a single person, without regard to-

   (a)  the separate interest of each joint transmission easement holder in
        that transmission easement;

   (b)  any other transmission easement held by a joint transmission easement
        holder (either alone or jointly with someone else).



(3) Each joint transmission easement holder is also to be separately assessed
in respect of-

   (a)  the joint transmission easement holder's individual interest in the
        transmission easement as if the transmission easement holder were the
        holder of a part of the transmission easement in proportion to that
        interest; and

   (b)  any other transmission easement held by a joint transmission easement
        holder alone; and

   (c)  the joint transmission easement holder's individual interest in any
        other transmission easement.

(4) There is to be deducted from the land tax assessed for a joint
transmission easement holder under subsection (3) an amount (if any) necessary
to avoid double taxation, being the lesser of-

   (a)  the amount determined by the formula-

where-
A is the proportion of the transmission easement holder's individual interest
in the jointly-owned transmission easement to the total interests in that
easement;
B is the total amount of land tax assessed on the jointly-owned transmission
easement under subsection (2); and





   (b)  the amount determined by the formula-

where-
C is the value of the joint transmission easement holder's individual interest
in the jointly-owned transmission easement (as determined under subsection
(3)(a));
D is the total value of all transmission easements of the joint transmission
easement holder assessed under subsection (3);
E is the amount of land tax assessed under subsection (3).

(5) For the purposes of this section, a joint transmission easement holder may
be separately assessed under subsection (3) in respect of a transmission
easement even though no land tax is jointly assessable in respect of that
easement under subsection (2).

(6) In this section-

joint transmission easement holder means a transmission easement holder who
holds a transmission easement jointly with another person.