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LAND TAX ACT 2005 - SECT 46AA Title-based time-sharing schemes

LAND TAX ACT 2005 - SECT 46AA

Title-based time-sharing schemes

    (1)     The owner of land to which a title-based time-sharing scheme relates is to be assessed on the total value of all taxable land to which the scheme relates as if the land were the only land owned by that person.

    (2)     A participant in a title-based time-sharing scheme incurs a debt in an amount equivalent to the proportion of the participant's interest in the land to the person who—

        (a)     is the owner of the land to which the title-based time-sharing scheme relates; and

        (b)     has been assessed for land tax under subsection (1).

Pt 3 Div. 2A (Heading and ss 46A46K) inserted by No. 85/2005 s. 27.

Division 2A—Land held on trust

S. 46A inserted by No. 85/2005 s. 27.