10GProhibition on recovering land tax or commercial and industrial property tax under contract of sale of land

10G Prohibition on recovering land tax or commercial and industrial property tax under contract of sale of land

S. 10G(1) amended by No. 16/2024 s. 62(2).

(1) A provision of a contract of sale of land for a sale price less than the threshold amount is of no effect to the extent that the provision purports to require the purchaser under the contract to pay an amount for or towards tax for which the vendor is or may become liable in respect of the land under the Land Tax Act 2005 or the Commercial and Industrial Property Tax Reform Act 2024.

S. 10G(2) amended by No. 16/2024 s. 62(2).

(2) A vendor must not enter into a contract of sale of land for a sale price less than the threshold amount if the contract purports to require the purchaser under the contract to pay an amount for or towards tax for which the vendor is or may become liable in respect of the land under the Land Tax Act 2005 or the Commercial and Industrial Property Tax Reform Act 2024.

(3) In this section—

S. 10G(3) def. of sale price amended by No. 50/2024 s. 47.

sale price, in relation to a contract, means the price of the land that is specified in the contract, however expressed and including any amount of GST payable on the supply constituted by the sale of the land, less any discount or rebate that is specified in the contract, whether or not the discount or rebate is contingent;

threshold amount has the meaning given in section 10I.

S. 10H inserted by No. 38/2023 s. 16.