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.