Victorian Numbered Acts

BUILDING A BETTER VICTORIA (STATE TAX AND OTHER LEGISLATION AMENDMENT) ACT 2014 (NO. 40 OF 2014) - SECT 26

After clause 14 of Schedule 3 to the Land Tax Act 2005 insert —

        "     15     Building a Better Victoria (State Tax and Other Legislation Amendment) Act 2014

    (1)     Grandfathered land that was exempt under section 65 or 68 for the 2014 tax year does not cease to be exempt under either of those sections for the 2015 tax year or subsequent tax years only because it is no longer outside greater Melbourne.

    (2)     Subclause (1) does not apply, or ceases to apply (as the case requires), if any of the following occurs after the relevant day—

        (a)     the land is subdivided;

        (b)     the land is disposed of;

        (c)     the owner of the land acquires other land that—

              (i)     is contiguous with the grandfathered land or separated from the grandfathered land only by a road, railway or other similar area across or around which movement is reasonably possible; and

              (ii)     is wholly or partly in greater Melbourne within the meaning of section 64(1) as amended by the amending Act or would be wholly or partly in greater Melbourne within the meaning of that section as amended by the amending Act if Division 3 of Part 4 of the amending Act had come into operation before the acquisition.

    (3)     To avoid doubt, land is not disposed of or acquired for the purpose of subclause (2) if ownership of the land vests in a joint tenant on the death of another joint tenant of the land.

    (4)     In this clause—

"acquire" means acquire by way of settlement, grant, assignment, transfer or conveyance;

"amending Act" means the Building a Better Victoria (State Tax and Other Legislation Amendment) Act 2014 ;

"commencement day" means the day after the day on which the amending Act receives the Royal Assent;

"dispose of" means dispose of by way of settlement, grant, assignment, transfer or conveyance;

"grandfathered land" means land or part of land that, on the relevant day, was outside greater Melbourne within the meaning of section 64(1) as in force on that day but on and after the commencement day is in greater Melbourne within the meaning of section 64(1) as amended by the amending Act;

"relevant day" means the day on which the motion for the second reading of the Bill for the amending Act was moved in the Legislative Assembly.".