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Property 101: ACT property developers must now apply for land tax exemption

Property 101: ACT property developers must now apply for land tax exemption
Property 101: ACT property developers must now apply for land tax exemption

Developers within the Australian Capital Territory need now apply for land tax relief using the Application for a Builder’s Land Tax Exemption Form due to changes in the Land Tax Act 2004 (ACT) which came into effect 24 November 2015.

Prior to the change, land in the ACT owned by a company to build residential homes for sale were exempt from land tax for two years.

Now a builder or land development company must apply in writing for a declaration that a parcel of ACT land is exempt from land tax.

The company will be eligible for the declaration if the parcel is used by the company only to construct new residential premises and if the new residential premises are to be sold by the company when finished, according to Meyer Vandenberg Lawyers, who said once a declaration is given, the exemption applies for two years beginning on the first day of the first quarter after the company becomes the owner of the land.

The Application for a Builder’s Land Tax Exemption Form can be found here.

Tags: 
ACT Land Development

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