Victorian Numbered Acts

STATE TAXATION AND OTHER ACTS AMENDMENT ACT 2012 (NO. 76 OF 2012) - SECT 7

After section 55 of the Land Tax Act 2005 insert —

        " 55A     Deferral of tax for residential land to be used during tax year

    (1)     The Commissioner may determine that land tax in respect of land for a year is not payable until the expiry of a 6 month period that begins and ends in that year if—

        (a)     a person becomes the owner of the land on or after 1 July in the preceding year; and

        (b)     as at 31 December in the preceding year, the person does not use or occupy the land as his or her principal place of residence; and

        (c)     the Commissioner is satisfied that the person intends to continuously use and occupy the land as his or her principal place of residence for the 6 month period.

    (2)     The Commissioner may determine that land tax in respect of land for a year is not payable until the expiry of a 6 month period that begins and ends in that year if—

        (a)     a trustee becomes the owner of the land on or after 1 July in the preceding year; and

        (b)     as at 31 December in the preceding year, there is no vested beneficiary in relation to that land using and occupying it as his or her principal place of residence; and

        (c)     the Commissioner is satisfied that a vested beneficiary in relation to that land intends to continuously use and occupy it as his or her principal place of residence for the 6 month period.

    (3)     If land referred to in subsection (1) or (2) that would have been exempt land in respect of a year but for section 54(2) has been continuously used and occupied as the person's principal place of residence for the period of 6 months, the land becomes exempt land in respect of that year at the end of that period.".