LAND TAX ASSESSMENT ACT 2002 - SECT 43A
LAND TAX ASSESSMENT ACT 2002 - SECT 43A
43A . Newly subdivided land, concession for
(1) If a lot (the old
lot ) is subdivided in the financial year before an assessment year, the land
tax payable on a lot created by the subdivision (the new lot ) is assessed
under this section if —
-(a) the new lot is
not a lot in a strata scheme as defined in the Strata Titles Act 1985
section 3(1); and
(aa) the
new lot is not a lot in a community titles (building) scheme as defined in the
Community Titles Act 2018 section 3(1); and
(b) the
ownership of the new lot has not changed since the old lot was subdivided; and
(c) the
new lot is wholly within the old lot; and
(d) the
new lot was created to be used solely or principally for residential purposes;
and
(e) the
new lot does not have on it a building that is used, or is suitable to be
used, for residential purposes; and
(f) the
new lot has an area of not more than 2 000 m 2 or, if its area is more than 2
000 m 2 , it is to be used for a building or a group of buildings that —
(i)
is solely for residential purposes; and
(ii)
contains a number of separate residential units;
and
(g) the
owner of the new lot applies under subsection (2) to have the land tax
assessed under this section.
(2) An application
must —
(a) be
in an approved form; and
(b) be
received by the Commissioner on or before 31 August in the assessment year,
unless the Commissioner gives an extension under subsection (3).
(3) The Commissioner
may extend the time for lodging an application from 31 August to any date
before the following 1 July if —
(a) the
owner applies for the extension before the end of the assessment year; and
(b) the
Commissioner is satisfied that there are reasonable grounds for extending the
time.
[(4) deleted]
(5) The land tax on
the new lot is payable on the lesser of these values —
(a) the
concessional value of the new lot calculated in accordance with subsection
(6);
(b) the
unimproved value of the new lot at 30 June immediately before the assessment
year.
(6) The concessional
value of the new lot is the amount equal to the amount that bears the same
proportion to the old lot’s unimproved value as at midnight on 30 June
immediately before the financial year in which the new lot was created as the
area of the new lot bears to the area of the old lot.
(7) A reference in a
land tax Act, other than in clause 6, to the taxable value of the land in the
new lot is a reference to whichever value, under subsection (5), is the value
on which the land tax on the new lot is payable.
[Section 43A inserted: No. 19 of 2009 s. 10;
amended: No. 15 of 2015 s. 8; No. 30 of 2018 s. 153; No. 32 of 2018 s. 218.]