(1)  The owner of land may apply to the Commissioner for a rebate of land tax in relation to a financial year if –

(a) the owner was the owner at the start of the financial year; and

(b) during that financial year a dwelling was constructed on the land and occupied as principal residence –

(i) by the owner or a related person of the owner; or

(ii) by a person who owns 50 per cent or more of the shares in the company that owns the land; and

(c) the owner during the financial year did not own –

(i) in Tasmania any other land classified as principal residence land; or

(ii) in another State or a Territory any land which in that State or Territory is treated for the purposes of an Act or other law that substantially corresponds to this Act as the principal residence of the owner.

(1A)  .  .  .  .  .  .  .  .  

(2)  An application is to be in a form approved by the Commissioner.

(3)  On receipt of an application, the Commissioner, if satisfied that a rebate is payable, is to grant a rebate equal to the amount of land tax paid.

(4)  If land tax has been assessed but has not been paid, the Commissioner may waive the requirement to pay the land tax if a rebate would have been granted under this section if the land tax had been paid.