Victorian Current Acts Victorian Current Acts(1) "Residential property" is—
(a) land capable of being used solely or primarily for residential purposes and that may lawfully be used in that way; or
(b) land which includes a building, or part of a building, that a person intends to refurbish or extend so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way; or
(c) land—
(i) on which a person intends to construct a building so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way; or
(ii) in respect of which a person has undertaken or intends to undertake land development for the purposes of—
(A) constructing a building so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way; or
(B) enabling another person to construct a building so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way.
(2) Despite subsection (1), residential property does not include any of the following—
(a) land—
(i) capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way; and
(ii) that a person intends to use solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village;
(b) land which includes a building, or part of a building, that a person intends to refurbish or extend so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way;
(c) land—
(i) on which a person intends to construct a building so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way; or
(ii) in respect of which a person has undertaken or intends to undertake land development for the purposes of—
(A) constructing a building so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way; or
(B) enabling another person to construct a building so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way.
(3) In this section—
"commercial residential premises" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth;
"refurbish" means to undertake building work that requires a building permit to be issued under the Building Act 1993 for the conversion of an existing building;
"residential care facility" has the same meaning as in section 76 of the Land Tax Act 2005 ;
"retirement village" has the same meaning as in the Retirement Villages Act 1986 ;
S. 3G(3) def. of supported residential service amended by No. 37/2021 s. 391.
supported residential service has the same meaning as in section 214 of the Social Services Regulation Act 2021 .
Examples
1 A person purchases a fee simple interest in land on which there is a free standing home that was designed and constructed as a residence. The land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way. The person has acquired a land-related interest in residential property.
2 A person purchases a fee simple interest in a warehouse that was designed and constructed for industrial purposes. The person purchases the interest with the intention of refurbishing the warehouse into residential apartments. At the time of purchase, the land is not capable of being used solely or primarily for residential purposes and may not lawfully be used in that way. However, the person has acquired a land‑related interest in residential property.
3 A person purchases a fee simple interest in an apartment on the tenth floor of a building. The premises on the ground floor of the building were designed and constructed as shops. The person has acquired a land-related interest in residential property because the person has purchased an interest in land that is capable of being used solely or primarily for residential purposes and may lawfully be used in that way.
S. 3H inserted by No. 22/2018 s. 9.