10RRetirement villages—exemption/reduction

10R Retirement villages—exemption/reduction

10R Retirement villages—exemption/reduction

(1) In this section—

aged care establishment means—

(a) any building or any part of a building used or intended to be used for the provision of residential care, within the meaning of the Aged Care Act 1997 of the Commonwealth, by an approved provider under that Act, or

(b) any building or any part of a building used or intended to be used for the provision of respite care, within the meaning of the Aged Care Act 1997 of the Commonwealth, by an approved provider under that Act.

retirement village has the same meaning as in the Retirement Villages Act 1999.

(2) Land is exempt from taxation under this Act if the land is used and occupied as any of the following, or any combination of the following, and for no other purpose—

(a) an aged care establishment,

(b) a retirement village.

(c) (Repealed)

(3) If the Chief Commissioner is satisfied that part only of land is used and occupied as referred to in subsection (2), the land value of the land is to be reduced for the purposes of land tax by an amount calculated as follows—

where—

R= the reduction in land value.

A= the land value of the land before reduction.

B= the area of the land used and occupied as referred to in subsection (2).

C= the total area of the land.

(3A) If part only of a building is used and occupied as referred to in subsection (2), a proportion (the allowable proportion) of the area of the land occupied by the building is to be included as part of the area of the land so used and occupied for the purpose of determining the value of “B” in the calculation under subsection (3).

(3B) The allowable proportion under subsection (3A) is the proportion specified in an application under subsection (3C) in respect of the land, subject to subsections (3D)–(3F).