Under the Taxation (Administration) Act 1978 (NT), options to renew leases are excluded from the definition of 'land' by the combined operation of the definitions of 'land' and 'lease' in s 4(1), affecting both the dutiable value and the land-rich ratio calculation under Division 8A. Only goodwill in the legal sense (the attractive force which brings in custom) is property capable of separate valuation; the accounting concept of goodwill as the excess of acquisition cost over fair value of identifiable net assets does not constitute property and cannot reduce the land-rich ratio. The Court has power under s 105N(1)(d) to remit a matter to the Commissioner even where the taxpayer has not proven the precise amount by which the assessment is excessive.
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