Land Tax Act 2000

An assessment, or reassessment, of the liability for foreign investor land tax is to be made in respect of each folio of the Register kept under section 33 of the Land Titles Act 1980 in respect of the land to which the assessment or reassessment relates.

If – there is a folio of the Register kept under section 33 of the Land Titles Act 1980 in respect of land to which an assessment or reassessment relates; and a determination of the value of the land has been made under the Valuation of Land Act 2001 – the assessed land value of the land is the value specified in the determination on applying any relevant adjustment factor determined by the Valuer-General under Part 9A of that Act.

If – an area of land (the initial area of land) has been divided into areas of land (the subsequent areas) consisting of – lots, or lots and common property, on a strata plan within the meaning of the Strata Titles Act 1998; or lots created after land has been subdivided within the meaning of Part 3 of the Local Government (Building and Miscellaneous Provisions) Act 1993; or areas of land that are distinguishable from each other; and folios of the Register kept under section 33 of the Land Titles Act 1980 have not been, before 1 July of the financial year to which the assessment, or reassessment relates, issued in respect of the subsequent areas of land – an assessment, or reassessment, in relation to the initial area of land, of the liability for foreign investor land tax is to be made in respect of each of the subsequent areas of land as if, for each of the subsequent areas, a folio of the Register kept under section 33 of the Land Titles Act 1980 had been issued in respect of the subsequent area of land.

Subsection (5) applies in relation to an area of land (referred to in this subsection and subsection (5) as the relevant land) if – a folio of the Register kept under section 33 of the Land Titles Act 1980 has been issued, or is, under subsection (3), taken to have been issued, in relation to the relevant land; and a determination of the value of the relevant land has not been made under the Valuation of Land Act 2001, except as part of a larger area of land (referred to in subsection (5) as the larger area of land) to which one or more other folios of the Register kept under section 33 of the Land Titles Act 1980 have been issued or are taken under subsection (3) to have been issued.

For the purposes of an assessment, or reassessment, of liability for foreign investor land tax, if this subsection applies in relation to relevant land, the value of the relevant land is to be determined by multiplying the determination of the value of the larger area of land made under the Valuation of Land Act 2001 (including any relevant adjustment factor determined by the Valuer-General under Part 9A of that Act) by the proportion that the relevant land bears to the larger area of land.

Sections 23, 24 and 25 do not apply, for the purposes of this Division, in relation to the determination of the land value of land to which this section applies.