9EReduction in land value for certain build-to-rent properties—time limited

9E Reduction in land value for certain build-to-rent properties—time limited

9E Reduction in land value for certain build-to-rent properties—time limited

(1) This section applies in respect of land owned by a person at midnight on 31 December in any year (ending with midnight at the end of 31 December 2039).

Note.

Under section 3AL of the Land Tax Act 1956, land tax is charged, levied, collected and paid for the period of 12 months commencing on 1 January in the next succeeding year for land owned at midnight on 31 December in any year. So this reduction provision applies until the end of the 2040 land tax year.

(2) For the purpose of assessing land tax, the land value of a parcel of land is to be reduced by 50% if—

(a) a building is situated on the land, and

(b) construction of the building commenced on or after 1 July 2020, and

(c) the Chief Commissioner is satisfied that a significant proportion of the labour force hours spent on the construction of the building involves or involved work performed by persons whom the Chief Commissioner considers belong to any one or more of the following classes of worker—

(i) apprentices or trainees,

(ii) long-term unemployed workers,

(iii) workers requiring upskilling,

(iv) workers with barriers to employment (such as persons with disability),

(v) Aboriginal jobseekers,

(vi) graduates, and

(d) the Chief Commissioner is satisfied that the building is being used and occupied for a build-to-rent property in accordance with guidelines approved by the Treasurer for the purposes of this section, and

(e) an application for the reduction is made in accordance with this section.

(3) The guidelines may include provisions with respect to the following—

(a) the circumstances in which a building is taken to be a build-to-rent property, including in relation to the following—

(i) the planning or development standards that must be complied with,