Subdivided lot concession-Land Tax Assessment Act 2002

9/26/2017
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Section 43A of the Land Tax Assessment Act 2002provides a concession for the amount of land tax payable on subdivided lots owned at 30 June each year.
This concession allows subdividers to pay land tax and metropolitan region improvement tax on the lower undeveloped or englobo value of land holdings, rather than the full subdivided value of lots, for one year after the creation of the lots.

The unimproved value of each subdivided lot still held at 30 June immediately preceding the year of assessment will be calculated by apportioning the unimproved value of the land in its englobo state to the subdivided lot based on the lot’s area as a proportion of the land area of the englobo lot.
The concession will apply for the first year of assessment following the year in which the subdivided lots were created, subject to the following conditions:

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Source: AICWA 26th September 2017 e-Newsletter

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