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LAND TAX ACT 2010 - SECT 42A
Exemption for old home after transitioning to current home
42A Exemption for old home after transitioning to current home
(1) This section applies in relation to the imposition of land tax on
taxable land for a financial year (the
"current financial year" ) if— (a) a person is the owner of land (the
"current home" )— (i) that, on the liability date for the
current financial year, is exempt or partially exempt land under section 41 or
42 ; and
(ii) of which, on the liability date for the financial year (the
"previous financial year" ) occurring immediately before the
current financial year, the person was not the owner; and
(b) the person is
also the owner of land (the
"old home" )— (i) of which the person has continuously been the owner since
the liability date for the previous financial year; and
(ii) that, on the
liability date for the previous financial year, was exempt or partially exempt
land for the person as owner of the land under section 41 or 42 ; and
(iii)
of which, on the liability date for the financial year immediately following
the current financial year, the person is no longer the owner.
(2) Subject to
subsection (3) , the person’s old home is exempt land for the
current financial year, to the extent that the old home was exempt or
partially exempt land under section 41 or 42 on the liability date for the
previous financial year.
(3) The old home is not exempt under subsection (2)
if the person receives rents or profits from— (a) the current home before it
is used as the home of the person, other than to the extent provided for under
subsection (4) ; or
(b) the old home after it is used as the home of the
person.
(4) For subsection (3) (a) , the person may receive rents or profits
from the current home if— (a) the current home was acquired by the person
subject to a lease under which a person (the
"lessee" ) had a right to occupy the land; and
(b) the lessee gave vacant
possession of the current home to the person on the earlier of— (i) the end
of the term of the lease; or
(ii) within 6 months after the day the person
acquired the current home.
(5) In this section—
"liability date" , for a financial year, means the time when liability for
land tax for the financial year arises under section 7 .
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