37ALand tax rebate (Transitional circumstances)

37A Land tax rebate (Transitional circumstances)

[Section 37A Inserted by No. 24 of 2002, s. 29, Applied:01 Jul 2002]

(1)  The owner of land may apply to the Commissioner for a rebate of land tax paid if at the commencement of a financial year the owner was –

(a) the owner of principal residence land; and

(b) the owner of other land –

(i) that was purchased with the intention that it become the principal residence land of the owner; or

(ii) that was the principal residence land of the owner in the period of 3 months preceding the commencement of the financial year.

(2)  A rebate is payable in respect of the land tax paid on the other land.

(3)  The Commissioner is to grant a rebate of land tax under this section if the Commissioner is satisfied that –

(a) the owner became the owner of the principal residence land or the other land during the period of 3 months preceding the commencement of the financial year; and

(b) the principal residence land of the owner was –

(i) the principal residence land of the owner in the period of 3 months preceding the commencement of the financial year; or

(ii) the other land became the principal residence land of the owner in the financial year; and

(c) before 1 October of the financial year the owner entered into a contract to sell or otherwise disposed of –

(i) the principal residence land; or

(ii) the other land –

and the new owner took possession of the land in the financial year; and

(d) no rent or other income was derived from the principal residence land or the other land during the period in which the owner owned both the principal residence land and the other land; and

(e) the owner did not recover a proper proportion of any land tax paid or payable in accordance with ; and