5CASurcharge land tax—build-to-rent properties owned by foreign persons

5CA Surcharge land tax—build-to-rent properties owned by foreign persons

5CA Surcharge land tax—build-to-rent properties owned by foreign persons

(1) An Australian corporation is entitled to a refund of an amount of surcharge land tax paid by the corporation in relation to residential land owned by the corporation at midnight on 31 December in a year (the taxing date) during the relevant concession period if the Chief Commissioner is satisfied that—

(a) a building that is taken to be a build-to-rent property under the Principal Act, section 9E or 9F has been constructed on the land by the corporation or a related body corporate, whether before or after the taxing date, and

(b) the corporation is entitled under the relevant section of the Principal Act to a reduction in land value.

(2) The amount of the refund to which an Australian corporation is entitled under this section is the amount that is determined in accordance with an order made by the Treasurer for the purposes of this section and published in the Gazette.

(3) The amount of the refund may be the full amount of surcharge land tax paid or a lesser amount (as determined in accordance with the order).

(4) The Chief Commissioner may approve a foreign person as an exempt person for particular land if the Chief Commissioner is of the opinion that the person is likely to become entitled under this section to a refund of the full amount of surcharge land tax payable by the person in respect of the land for a land tax year.

(5) A foreign person is exempt from liability to pay surcharge land tax in respect of the particular land for a land tax year if the person is approved as an exempt person for the land for that land tax year.

(6) The approval of a foreign person as an exempt person under this section is subject to the following provisions—

(a) an approval may be given for one or more land tax years and can be given for a land tax year before or after the end of the land tax year,

(b) an approval may be given subject to conditions and the approval operates subject to any such conditions,

(c) the conditions of an approval may be varied by the Chief Commissioner at any time by notice to the person,

(d) an approval can be revoked by the Chief Commissioner at any time by notice to the person,