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LAND TAX ACT 2010 - SECT 53
Land used for primary production
53 Land used for primary production
(1) This section applies to land, or a part of land, that is used solely for
the business of primary production, but only if the land or the part of land
is used for an activity prescribed by regulation that is carried on for the
business.
(2) The land, or the part of the land, is exempt land if it is
owned by any of the following— (a) an individual, other than a trustee or
absentee;
(b) a trustee of a trust, if all beneficiaries of the trust are
persons mentioned in paragraph (a) , (c) or (d) ;
(c) a
relevant proprietary company;
(d) a charitable institution.
(3) For this
section, if part of the land is exempt land, the commissioner must apportion
the taxable value of the land between use for a purpose mentioned in
subsection (1) and use for any other purpose.
(4) This section does not apply
to land owned by the manager of a time-sharing scheme.
(5) In this section—
"beneficiary" includes a beneficiary in the first instance and a beneficiary
through a series of trusts.
"exempt foreign company" see the Corporations Act , section 9 .
"proprietary company" see the Corporations Act , section 9 .
"relevant proprietary company" means a proprietary company— (a) that is not
an exempt foreign company; and
(b) in which no share or interest is held,
whether directly or through interposed companies or trusts, by a body
corporate other than a proprietary company that is not an
exempt foreign company.
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