sec.50Reassessment—land not used for exempt purpose within use requirement period etc.

sec.50 Reassessment—land not used for exempt purpose within use requirement period etc.

This section applies if— a taxpayer’s liability for land tax for a financial year is assessed on the basis that land is exempt land under section 47 (2) (b) ; and any of the following applies— the land is not used by the institution predominantly for 1 or more exempt purposes before the use requirement period ends; during the use requirement period, the institution starts to use the land for a purpose that is not an exempt purpose, except if the institution is using the land predominantly for 1 or more exempt purposes; the land is sold during the use requirement period before the institution has used it predominantly for 1 or more exempt purposes. The charitable institution must, within 28 days after the relevant day, give notice to the commissioner stating that this section applies for the land. The commissioner must make a reassessment of the charitable institution’s liability for land tax for the financial year on the basis that the land was not exempt land. In this section— relevant day means— if subsection (1) (b) (i) applies—the last day of the use requirement period; or if subsection (1) (b) (ii) or (iii) applies—the day the event mentioned in the subsection happens. (sec.50-ssec.1) This section applies if— a taxpayer’s liability for land tax for a financial year is assessed on the basis that land is exempt land under section 47 (2) (b) ; and any of the following applies— the land is not used by the institution predominantly for 1 or more exempt purposes before the use requirement period ends; during the use requirement period, the institution starts to use the land for a purpose that is not an exempt purpose, except if the institution is using the land predominantly for 1 or more exempt purposes; the land is sold during the use requirement period before the institution has used it predominantly for 1 or more exempt purposes. (sec.50-ssec.2) The charitable institution must, within 28 days after the relevant day, give notice to the commissioner stating that this section applies for the land. (sec.50-ssec.3) The commissioner must make a reassessment of the charitable institution’s liability for land tax for the financial year on the basis that the land was not exempt land. (sec.50-ssec.4) In this section— relevant day means— if subsection (1) (b) (i) applies—the last day of the use requirement period; or if subsection (1) (b) (ii) or (iii) applies—the day the event mentioned in the subsection happens.

• (a) a taxpayer’s liability for land tax for a financial year is assessed on the basis that land is exempt land under section 47 (2) (b) ; and
• (b) any of the following applies— (i) the land is not used by the institution predominantly for 1 or more exempt purposes before the use requirement period ends; (ii) during the use requirement period, the institution starts to use the land for a purpose that is not an exempt purpose, except if the institution is using the land predominantly for 1 or more exempt purposes; (iii) the land is sold during the use requirement period before the institution has used it predominantly for 1 or more exempt purposes.