sec.22Assessment of co-owners of land

sec.22 Assessment of co-owners of land

A co-owner of land— is taken to own part of the land in proportion to the co-owner’s interest in the land; and subject to section 19 , must be severally assessed. For subsection (1) (a) , co-owners who hold their interests as joint tenants are taken to hold equal interests in the land. Part 6 does not confer a benefit on a co-owner of land if— requirements about the owner of exempt land are provided for under the part; and the co-owner does not satisfy the requirements. Despite subsection (1) , the commissioner may make 1 assessment as if the land were owned by 1 co-owner as the trustee of the other co-owners. The commissioner may make an assessment mentioned in subsection (4) only if— there are at least 5 co-owners of the land; and the commissioner considers the land is used for investment or commercial purposes. For deciding whether the land is used for investment or commercial purposes, the commissioner must consider the following factors— the purposes for which the land is used; the number of co-owners of the land; whether the co-owners are individuals, trustees or companies; whether the relationship between the co-owners is predominantly a commercial or business relationship; the value of the land; any other relevant matter. If the commissioner may make an assessment mentioned in subsection (4) , the commissioner may make the assessment as if the land were owned by a trustee of a foreign trust if— 1 or more of the co-owners are any of the following— an absentee; a foreign company; a trustee of a foreign trust; and the co-owners mentioned in paragraph (a) together own at least a 50% interest in the land. s 22 amd 2019 No. 20 s 15 (sec.22-ssec.1) A co-owner of land— is taken to own part of the land in proportion to the co-owner’s interest in the land; and subject to section 19 , must be severally assessed. (sec.22-ssec.2) For subsection (1) (a) , co-owners who hold their interests as joint tenants are taken to hold equal interests in the land. (sec.22-ssec.3) Part 6 does not confer a benefit on a co-owner of land if— requirements about the owner of exempt land are provided for under the part; and the co-owner does not satisfy the requirements. (sec.22-ssec.4) Despite subsection (1) , the commissioner may make 1 assessment as if the land were owned by 1 co-owner as the trustee of the other co-owners. (sec.22-ssec.5) The commissioner may make an assessment mentioned in subsection (4) only if— there are at least 5 co-owners of the land; and the commissioner considers the land is used for investment or commercial purposes. (sec.22-ssec.6) For deciding whether the land is used for investment or commercial purposes, the commissioner must consider the following factors— the purposes for which the land is used; the number of co-owners of the land; whether the co-owners are individuals, trustees or companies; whether the relationship between the co-owners is predominantly a commercial or business relationship; the value of the land; any other relevant matter. (sec.22-ssec.7) If the commissioner may make an assessment mentioned in subsection (4) , the commissioner may make the assessment as if the land were owned by a trustee of a foreign trust if— 1 or more of the co-owners are any of the following— an absentee; a foreign company; a trustee of a foreign trust; and the co-owners mentioned in paragraph (a) together own at least a 50% interest in the land.