63DExemption for land with temporary residence

63D Exemption for land with temporary residence (1) Subject to this Division, the following land is exempt land— (a) temporary residence land owned by a natural person (who is not a person specified in subsection (4)) that is used and occupied as the principal place of residence of that person; (b) temporary residence land owned by a trustee of a trust that is used and occupied as the principal place of residence of a vested beneficiary in relation to the land. (2) Despite subsection (1)(b), land referred to in that subsection is not exempt land if rent is paid by or on behalf of the vested beneficiary for use and occupation of the land in the year preceding the tax year. (3) Subject to sections 63E and 63F, subsection (1) only applies if the land has been used and occupied as the principal place of residence of the owner or vested beneficiary— (a) since 1 July in the year preceding the tax year; or (b) if the owner or trustee became the owner of the land on or after 1 July in the year preceding the tax year, since a later date during that year. (4) For the purposes of subsection (1)(a), the following persons are specified— (a) a trustee of a trust (including an implied or constructive trust) to which the land is subject; (b) a beneficiary of a trust (including an implied or constructive trust) to which the land is subject; (c) a unitholder in a unit trust scheme to which the land is subject. S. 63E inserted by No. 48/2025 s. 32.