LAND TAX ACT 2005 - SECT 50 Grouping of related corporations
LAND TAX ACT 2005 - SECT 50
Grouping of related corporationsS. 50(1) amended by No. 28/2017 s. 61(1).
(1) Subject to subsection (3), the Commissioner may treat related corporations as a single corporation for the purposes of this Act.
(2) If the Commissioner does so—
S. 50(2)(a) amended by No. 28/2017 s. 61(2).
(a) the Commissioner must assess the related corporations jointly for land tax (other than vacant residential land tax); and
S. 50(2)(b) amended by No. 28/2017 s. 61(2).
(b) the related corporations are jointly and severally liable for the land tax (other than vacant residential land tax); and
(c) section 46 of the Taxation Administration Act 1997 applies accordingly.
S. 50(3) inserted by No. 28/2017 s. 61(3).
(3) The Commissioner must not treat related
corporations as a single corporation for the purposes of assessing vacant
residential land
tax.
Pt 3 Div. 3A (Heading and s. 50A) inserted by No. 26/2015 s. 35.
Division 3A—Land held by related absentee corporations
S. 50A inserted by No. 26/2015 s. 35.