reassessment period, in relation to a relevant dwelling, means the period between –
(a) the acquisition of the land, on which the dwelling is situated, by the relevant person, within the definition of relevant dwelling, for that dwelling; and
(b) the issue of the occupancy permit, in respect of the dwelling, to that relevant person;
relevant dwelling means a dwelling where –
(a) the dwelling is situated on land, within Tasmania, that is acquired by a person (the relevant person) on or after 1 July 2022; and
(b) on or after that date –
(i) the laying of the foundations of the dwelling occurred; or
(ii) if no foundations are to be laid in respect of the dwelling, an equivalent act determined by the Commissioner occurred in respect of the dwelling; and
(c) the completed dwelling is capable of being lawfully used solely, or primarily, for residential purposes; and
(d) an occupancy permit is first issued, to the relevant person, in respect of the dwelling within 3 years after the relevant person acquired the land on which the dwelling is situated;
Tasmania-based foreign developer, in respect of a financial year, means a foreign person who operates a business –
(a) that acquires land within Tasmania with the aim of developing the land; and
(b) of which at least 80% of the wages of management and administration staff of the business are taxable wages, within the meaning of the Payroll Tax Act 2008 , in that year; and
(c) that operates in Tasmania for the majority of its business hours in that year.
(2) A person may apply to the Commissioner, in writing, to reassess the foreign investor land tax payable by the person for a specified financial year after the 2021-2022 financial year, if –
(a) the person is a Tasmania-based foreign developer in respect of the financial year; and
(b) the person, or the business by virtue of which the person is a Tasmania-based foreign developer for the purposes of this section, has –
(i) been issued with occupancy permits, in that year, in respect of at least 50 relevant dwellings; and
(ii) paid foreign investor land tax in respect of the land on which one or more of those relevant dwellings are situated.
(3) If the Commissioner receives an application under subsection (2) and is satisfied that the applicant meets the requirements of subsection (2) –
(a) the Commissioner must reassess the foreign investor land tax payable under this Act –
(i) in respect of the land on which each relevant dwelling, to which the application relates, is situated; and
(ii) for the reassessment period for each such relevant dwelling –
as if the applicant were not a foreign person; and
(b) the Commissioner must refund any amount of foreign investor land tax, paid in respect of land referred to in paragraph (a) for the reassessment period, that is in excess of the amount so reassessed for that land; and
(c) the applicant is not liable to pay foreign investor land tax under this Act in respect of land, on which a relevant dwelling referred to in paragraph (a) is situated, for the 12-month period that commences on the applicant being issued with the initial occupancy permit for that dwelling.
(a) the Commissioner must not refund an amount of foreign investor land tax paid in respect of land by an applicant; and
(b) an applicant is liable to pay foreign investor land tax under this Act in respect of land –
unless the Commissioner is satisfied that the applicant complied with all of the relevant requirements of the Foreign Investment Review Board, established by the Commonwealth Government, that apply in respect of the acquisition of the land to which the land tax relates.