Exemption in relation to land owned by university
40A Exemption in relation to land owned by university
Windfall gains tax is not imposed on land that is rezoned by a WGT event if—
the land is owned by a university; and
the university is a charity; and
the Commissioner is satisfied that any land revenue from the land will be used to further the university's charitable purposes.
For the purposes of subsection (1)(c), the university must provide the Commissioner with a declaration as to—
the nature of any land revenue from the land; and
the intended application of the land revenue; and
how the application of the land revenue will further the university's charitable purposes.
In this section—
land revenue means any revenue arising from the sale or use of the land, including any of the following—
sale proceeds from the sale of the land;
rental income from leasing the land;
licence fees from licensing the land;
registered higher education provider has the same meaning as in section 5 of the Tertiary Education Quality and Standards Agency Act 2011 of the Commonwealth;
university means a registered higher education provider that is registered under the Tertiary Education Quality and Standards Agency Act 2011 of the Commonwealth in the "Australian University" provider category of the Higher Education Standards Framework.
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