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LAND TAX ACT 2010 - SECT 45
Reassessment—newly subdivided land
45 Reassessment—newly subdivided land
(1) This section applies if— (a) a person’s liability for land tax for a
relevant financial year is assessed on the basis that land is exempt land
under this division; and
(b) the land is later subdivided by the person other
than as a result of a compulsory acquisition required by a local government, a
State, or a State or Commonwealth statutory body.
(2) The commissioner must
make a reassessment of the person’s liability for land tax for the relevant
financial year on the basis that the taxable portion of the land was not
exempt land.
(3) If— (a) the person used the land as the person’s
principal place of residence for all of the relevant financial years; and
(b)
the land is subdivided into not more than 5 lots;
then subsection (2) does not
apply unless, within 5 years from the day of the original subdivision, any of
the subdivided lots are further subdivided so that the land is ultimately
subdivided into more than 5 lots.
(4) For this section— (a) land is taken
to be subdivided when a plan of subdivision providing for the division of the
land into lots is registered; and
(b) the land subdivided is taken to include
any land mentioned in subsection (1) (a) shown on the plan of subdivision as
any of the following— (i) a new road dedicated for public use;
(ii) for use
as a drainage reserve;
(iii) for use as a public garden or recreation space;
(iv) for use as a pathway or canal;
(v) for another use prescribed under a
regulation.
(5) For subsection (2) , the taxable value of the taxable portion
is taken to be the amount equivalent to the relevant proportion of the
taxable value of the land that is subdivided when the liability for land tax
arises.
(6) In this section—
"plan of subdivision" means— (a) a plan under the
Building Units and Group Titles Act 1980 ; or
(b) a plan of subdivision under
the Land Title Act 1994 ; or
(c) a plan or scheme, however described, showing
the division of, amalgamation into, dedication of or redefinition of, at least
1 lot, that is able to be registered in a land registry under the
Land Title Act 1994 .
"relevant financial years" means the 5 financial years preceding the financial
year during which the land is subdivided.
"relevant proportion" means the proportion the area of the taxable portion
bears to the area of the land that is subdivided.
"taxable portion" means the portion of land that remains after subtracting,
from the area of the land that is subdivided, the greater of— (a) 0.1ha; or
(b) the parcel on which the principal place of residence was located at the
time of the subdivision, if any.
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