271New section 81A inserted

271 New section 81A inserted

After section 81 of the Land Tax Act 2005 insert—

"81A Gellung Warl

(1) Land is exempt land if it is—

(a) owned by, or held in trust for—

(i) Gellung Warl; or

(ii) a wholly-owned subsidiary of Gellung Warl; or

(iii) a person or body in which Gellung Warl has a controlling interest; and

(b) used by Gellung Warl, the subsidiary or the entity for the purposes of or in connection with Gellung Warl's functions.

(2) Despite subsection (1), land or a part of land referred to in that subsection is not exempt land if the land or part is leased or occupied for any business purposes by a person or body other than a person or body referred to in subsection (1)(a).

(3) For the purposes of this section, Gellung Warl has a controlling interest in an entity if Gellung Warl—

(a) can control the composition of the board of the entity; or

(b) is in a position to cast or control the casting of more than 50% of the maximum number of votes that might be cast at a general meeting of the entity; or

(c) holds more than 50% of the issued share capital of the entity.

wholly-owned subsidiary has the meaning given by section 9 of the Corporations Act.".