Primary production exemption for land tax
Source: Taxation In Australia Journal Article
Published Date: 1 Mar 2017
Section 10AA of the Land Tax Management Act 1956 (NSW) provides an exemption where the dominant use of land is for primary production purposes. In recent years, a practice has developed of property developers buying rural land from farmers and obtaining rezoning to allow subdivision for residential, commercial and industrial use. While engaging in this process, the property developer runs some farm animals and seeks an annual land tax exemption. The debate for years has been whether the process of comparison directed by s 10AA entails setting the current physical uses on the land against one another or whether the comparison includes also considering the acts of the property developer off the land, such as the stages in the land development process.
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Details
- Published By: Sheila Kaur-Bains
- Published On:1 Mar 2017
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