AustLII Tasmanian Numbered Acts

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TAXATION LEGISLATION (MISCELLANEOUS AMENDMENTS) ACT 2006 (NO. 40 OF 2006) - SECT 25

Section 26 amended (Apportioned assessed land value for principal residence land)

Section 26(2) of the Principal Act is amended as follows:
(a) by omitting from paragraph (a) "other purposes," and substituting "principal residence purposes and other purposes but no part of the principal residence is used in common for both principal residence purposes and other purposes (in this subsection called the "common floor area")," ;
(b) by omitting paragraph (b) and substituting the following paragraphs:
(b) if the principal residence is used for principal residence purposes and other purposes and part of the principal residence is common floor area, by multiplying the assessed land value by the proportion of the principal residence used for principal residence purposes calculated in accordance with the following formula:
graphic image
where –
FAP is the floor area apportioned as used for principal residence purposes;
FP is the floor area used for principal residence purposes;
FNP is the floor area used for purposes other than principal residence purposes;
C is the common floor area; or
(c) if principal residence land is used for principal residence purposes and other purposes, by multiplying the assessed land value by the proportion of land used for principal residence purposes.



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