Land partly owned by corporation or trustee
16 Land partly owned by corporation or trustee
This section applies to a parcel of residential land that is owned by—
1 or more people who are corporations or trustees; and
1 or more people who are exempt from paying land tax for the parcel under—
section 10 (Land exempted from s 9 generally), other than section 10 (1) (a) (viii); or
section 11 (Land exempted from land tax).
In working out the land tax payable for the parcel of land under section 9 (Imposition of land tax), the AUV of the parcel of land is the amount worked out as follows:
In working out the land tax payable for the parcel of land under section 9 (Imposition of land tax), the FC for the parcel of land is the amount worked out as follows:
In this section:
AI means the value of all interests in the parcel of land.
AUV means the average unimproved value of the parcel of land under the Rates Act 2004.
C&TI means the value of all interests in the parcel of land held by corporations and trustees.
FC means the fixed charge determined under the Taxation Administration Act, section 139 for section 9 (4), definition of FC.
Any land tax payable for the parcel of land is payable by the owners of the land who are corporations or trustees.
This Act’s bill:Explanatory statementSecond reading speech
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