Subdivider’s land tax concession

The Office of State Revenue has confirmed that the subdivider’s land tax concession is available for the 2013/2014 financial year.

In summary, the concession is available to a person who subdivides land in the 2012/2013 financial year and still owns a subdivided lot at 30 June 2013 if:

  1. the subdivided lot was created for residential purposes;

  2. the subdivided lot is less than 2,000m² in area (except in limited circumstances);

  3. the subdivided lot is not a strata lot (survey-strata lots may still qualify); and

  4. the application for the concession is made to the Commissioner of State Revenue before 31 August 2013 (although, extensions may be granted if there is a reasonable reason for the delay).

If the concession applies, the value on which land tax is assessed is calculated as a percentage of the value of the parent land as follows:

Assessed Value = (area of subdivided lot / area of parent lot) x value of parent lot

An application form can be downloaded from the following link.

Disclaimer – the information contained in this publication does not constitute legal advice and should not be relied upon as such. You should seek legal advice in relation to any particular matter you may have before relying or acting on this information. The Lavan team are here to assist.