13 October 2010
Urban Taskforce member, PricewaterhouseCoopers (PwC), has reviewed a recent NSW case between Leda Manorstead and the Chief Commissioner.
In the case the Supreme Court held that the exemption under the Land Tax Management Act for non-rural land used for primary production was not available in respect of land held by the taxpayer. PwC advise that developers need to monitor the availability of the exemption in all states and territories. This is particularly the case for staged or longer term developments where the dominant use of the land may change over time.
PwC have also advised us that major reforms have been made to Queensland’s statutory valuation system. PwC suggests that if you have Queensland real estate assets, you should closely consider your 2011 land valuation notice (which has a potential impact on both land tax and local Government rates and charges). The case raises issues about the ownership structure of larger land banks and staged development.
More detail is available here.
