Victorian Consolidated Legislation

Land Tax Act 2005 - SECT 60

Sale of old principal residence

60. Sale of old principal residence



(1) If an owner-

   (a)  as at 31 December in a year uses and occupies land as his or her
        principal place of residence; and

   (b)  as at that date is the owner of other land that, for a period of at
        least 6 months during that year, was continuously used and occupied as
        the principal place of residence of the owner-

the land referred to in paragraph (b) is exempt land in respect of the
following year. Note In this situation, the land referred to in paragraph (a)
will also be exempt land in the circumstances set out in section 54(1)(a).

(2) If-

   (a)  as at 31 December in a year, land is used and occupied as the
        principal place of residence of a beneficiary under a trust; and





   (b)  as at that date the trustee is the owner of other land that, for a
        period of at least 6 months during that year, was continuously used
        and occupied as the principal place of residence of the beneficiary-

the land referred to in paragraph (b) is exempt land in respect of the
following year. Note In this situation, the land referred to in paragraph (a)
will also be exempt land in the circumstances set out in section 54(1)(b).

(3) An exemption under subsection (1) or (2) is revoked if the owner or
trustee is still the sole or joint owner of the land referred to in subsection
(1)(b) or (2)(b) at the end of the year in respect of which the land is
exempt.

(4) The Commissioner may assess the land tax payable by the owner or trustee
in the circumstances referred to in subsection (3).