LAND TAX ACT 2005 - SECT 50A Land tax surcharge for related absentee corporations

LAND TAX ACT 2005 - SECT 50A

    (1)     This section applies if—

        (a)     for the purposes of this Act, the Commissioner has treated related corporations as a single corporation; and

Note

See section 50.

        (b)     at least one of those related corporations is an absentee owner that is an absentee corporation.

S. 50A(2) amended by Nos 40/2016 s. 25, 17/2019 s. 42, 18/2023 s. 32.

    (2)     Each of the related corporations is jointly and severally liable for land tax on the land all of the corporations own determined using the following formula—

where—

    A     is the amount of assessed land tax that is payable;

    B     is the amount determined by applying the applicable rate set out in Part 1 of Schedule 1 on the taxable value of all of the land owned by the corporations;

    C     is the taxable value of all of the land owned by the absentee corporations.

Pt 3 Div. 3B (Heading and ss 50B, 50C) inserted by No. 52/2021 s. 58.

Division 3B—BTR special land tax

S. 50B inserted by No. 52/2021 s. 58.