sec.45Reassessment—newly subdivided land

sec.45 Reassessment—newly subdivided land

This section applies if— a person’s liability for land tax for a relevant financial year is assessed on the basis that land is exempt land under this division; and the land is later subdivided by the person other than as a result of a compulsory acquisition required by a local government, a State, or a State or Commonwealth statutory body. The commissioner must make a reassessment of the person’s liability for land tax for the relevant financial year on the basis that the taxable portion of the land was not exempt land. If— the person used the land as the person’s principal place of residence for all of the relevant financial years; and the land is subdivided into not more than 5 lots; then subsection (2) does not apply unless, within 5 years from the day of the original subdivision, any of the subdivided lots are further subdivided so that the land is ultimately subdivided into more than 5 lots. For this section— land is taken to be subdivided when a plan of subdivision providing for the division of the land into lots is registered; and the land subdivided is taken to include any land mentioned in subsection (1) (a) shown on the plan of subdivision as any of the following— a new road dedicated for public use; for use as a drainage reserve; for use as a public garden or recreation space; for use as a pathway or canal; for another use prescribed under a regulation. For subsection (2) , the taxable value of the taxable portion is taken to be the amount equivalent to the relevant proportion of the taxable value of the land that is subdivided when the liability for land tax arises. In this section— plan of subdivision means— a plan under the Building Units and Group Titles Act 1980 ; or a plan of subdivision under the Land Title Act 1994 ; or a plan or scheme, however described, showing the division of, amalgamation into, dedication of or redefinition of, at least 1 lot, that is able to be registered in a land registry under the Land Title Act 1994 . relevant financial years means the 5 financial years preceding the financial year during which the land is subdivided. relevant proportion means the proportion the area of the taxable portion bears to the area of the land that is subdivided. taxable portion means the portion of land that remains after subtracting, from the area of the land that is subdivided, the greater of— 0.1ha; or the parcel on which the principal place of residence was located at the time of the subdivision, if any. (sec.45-ssec.1) This section applies if— a person’s liability for land tax for a relevant financial year is assessed on the basis that land is exempt land under this division; and the land is later subdivided by the person other than as a result of a compulsory acquisition required by a local government, a State, or a State or Commonwealth statutory body. (sec.45-ssec.2) The commissioner must make a reassessment of the person’s liability for land tax for the relevant financial year on the basis that the taxable portion of the land was not exempt land. (sec.45-ssec.3) If— the person used the land as the person’s principal place of residence for all of the relevant financial years; and the land is subdivided into not more than 5 lots; then subsection (2) does not apply unless, within 5 years from the day of the original subdivision, any of the subdivided lots are further subdivided so that the land is ultimately subdivided into more than 5 lots. (sec.45-ssec.4) For this section— land is taken to be subdivided when a plan of subdivision providing for the division of the land into lots is registered; and the land subdivided is taken to include any land mentioned in subsection (1) (a) shown on the plan of subdivision as any of the following— a new road dedicated for public use; for use as a drainage reserve; for use as a public garden or recreation space; for use as a pathway or canal; for another use prescribed under a regulation. (sec.45-ssec.5) For subsection (2) , the taxable value of the taxable portion is taken to be the amount equivalent to the relevant proportion of the taxable value of the land that is subdivided when the liability for land tax arises. (sec.45-ssec.6) In this section— plan of subdivision means— a plan under the Building Units and Group Titles Act 1980 ; or a plan of subdivision under the Land Title Act 1994 ; or a plan or scheme, however described, showing the division of, amalgamation into, dedication of or redefinition of, at least 1 lot, that is able to be registered in a land registry under the Land Title Act 1994 . relevant financial years means the 5 financial years preceding the financial year during which the land is subdivided. relevant proportion means the proportion the area of the taxable portion bears to the area of the land that is subdivided. taxable portion means the portion of land that remains after subtracting, from the area of the land that is subdivided, the greater of— 0.1ha; or the parcel on which the principal place of residence was located at the time of the subdivision, if any.