sec.42Partial exemption if land used for non-exempt purpose

sec.42 Partial exemption if land used for non-exempt purpose

This section applies to land that is— comprised in 1 parcel; and either— owned by a person, other than a trustee or the manager of a time-sharing scheme, and used as the person’s home; or owned by a trustee of a trust, other than an absentee, and used as the home of all beneficiaries of the trust; and used for a non-exempt purpose. The part of the land used as a home is exempt land. For subsection (2) , the commissioner must apportion the taxable value of the land between use as a home and use for non-exempt purposes, having regard to— the proportion of the land used for each purpose; and the extent to which each proportion is used for the purpose. For apportioning the taxable value of the land under subsection (3) , if there is not more than 1 family letting for the land, the family letting is taken to be included in the use of the land as a home. This section is subject to section 43 . In this section— family letting see section 40 . A co-owner, other than a trustee, who does not use the land as his or her home can not obtain a benefit under this section (see section 22 (3) ). (sec.42-ssec.1) This section applies to land that is— comprised in 1 parcel; and either— owned by a person, other than a trustee or the manager of a time-sharing scheme, and used as the person’s home; or owned by a trustee of a trust, other than an absentee, and used as the home of all beneficiaries of the trust; and used for a non-exempt purpose. (sec.42-ssec.2) The part of the land used as a home is exempt land. (sec.42-ssec.3) For subsection (2) , the commissioner must apportion the taxable value of the land between use as a home and use for non-exempt purposes, having regard to— the proportion of the land used for each purpose; and the extent to which each proportion is used for the purpose. (sec.42-ssec.4) For apportioning the taxable value of the land under subsection (3) , if there is not more than 1 family letting for the land, the family letting is taken to be included in the use of the land as a home. (sec.42-ssec.5) This section is subject to section 43 . (sec.42-ssec.6) In this section— family letting see section 40 . A co-owner, other than a trustee, who does not use the land as his or her home can not obtain a benefit under this section (see section 22 (3) ).

• (a) comprised in 1 parcel; and
• (b) either— (i) owned by a person, other than a trustee or the manager of a time-sharing scheme, and used as the person’s home; or (ii) owned by a trustee of a trust, other than an absentee, and used as the home of all beneficiaries of the trust; and
• (i) owned by a person, other than a trustee or the manager of a time-sharing scheme, and used as the person’s home; or
• (ii) owned by a trustee of a trust, other than an absentee, and used as the home of all beneficiaries of the trust; and