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LAND TAX ACT 2010 - SECT 30
Discounting of Land Valuation Act value—subdivided land not yet developed
30 Discounting of Land Valuation Act value—subdivided land not yet developed
(1) This section applies to a parcel (the
"relevant parcel" ) if— (a) the relevant parcel is 1 of the parts into which
a larger parcel has been subdivided; and
(b) the person who subdivided the
larger parcel (the
"subdivider" ) was the owner of the larger parcel when it was subdivided; and
(c) when the larger parcel was subdivided, the relevant parcel was not
developed land; and
(d) since the larger parcel was subdivided, the
relevant parcel has been held for sale; and
(e) when a liability for land tax
on the relevant parcel arises— (i) the subdivider is still the owner of the
relevant parcel; and
(ii) the relevant parcel is still not developed land and
is not being held by the subdivider for further subdivision; and
(f) the
Land Valuation Act value of the relevant parcel for the relevant financial
year is not calculated under that Act, chapter 2 , part 3 , division 3 ; and
Note— The Land Valuation Act , chapter 2 , part 3 , division 3 provides for
separate parcels to be included in 1 valuation in particular circumstances.
(g) the subdivider owns at least 5 other parcels that satisfy paragraphs (a)
to (e) .
(2) For assessing the subdivider’s liability for land tax, the
Land Valuation Act value of the relevant parcel must be discounted by 40%.
(3) For this section, land is taken to be subdivided when a plan of
subdivision providing for the division of the land into lots is registered
under the Land Title Act 1994 .
(4) In this section—
"developed land" means land improved, or being improved, by the construction
of a building or other improvement reasonably capable of being used.
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