Queensland Consolidated Acts

LAND TAX ACT 2010 - SECT 42B

42B Exemption for new home before transitioning from 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 , other than because the land is taken to be used as a home under section 38 ; and

(ii) of which, on the liability date for the financial year (the
"next financial year" ) occurring immediately after the current financial year, the person is no longer the owner; and

(b) the person is also the owner of land (the
"new home" )—

(i) of which, on the liability date for the financial year occurring immediately before the current financial year, the person was not the owner; and

(ii) that, on the liability date for the current financial year, is capable of being used by a person for residential purposes, whether alone or with another person; and

(iii) that, on the liability date for the next financial year, is exempt or partially exempt land under section 41 or 42 for the person; and

(iv) of which, on the liability date for the next financial year, the person is still the owner.

(2) Subject to subsection (3) , the person’s new home is exempt land for the current financial year, to the extent that the person’s current home is exempt or partially exempt land under section 41 or 42 on the liability date for the current financial year.

(3) The new home is not exempt under subsection (2) if the person receives rents or profits from—

(a) the current home after it is used as the home of the person; or

(b) the new home before it is used as the home of the person, other than to the extent provided for under subsection (4) .

(4) For subsection (3) (b) , the person may receive rents or profits from the new home if—

(a) the new home was acquired by the person subject to a lease under which a person (the
"lessee" ) has a right to occupy the land; and

(b) the lessee gives vacant possession of the new 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 new 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 .