Victorian Numbered Acts Victorian Numbered Acts(1) At the foot of section 38(1) of the Land Tax Act 2005 insert —
" Note
Joint owners of taxable land include absentee owners who own land jointly and absentee owners who own land jointly with owners who are not absentee owners.".
(2) In section 38(2) of the Land Tax Act 2005 , for "Joint" substitute "Subject to subsections (2A) and (2B), joint".
(3) After section 38(2) of the Land Tax Act 2005 insert —
"(2A) In the case where all of the joint owners of taxable land are absentee owners, the joint owners are to be jointly assessed for land tax on the land as if it were owned by an absentee owner who is not a trustee of an absentee trust.
Note
Under subsection (2A), the joint absentee owners will be jointly assessed for land tax at the applicable rates set out in Part 4 of Schedule 1. In addition, subsections (3) to (6) apply in relation to how each joint owner is to be separately assessed.
(2B) In the case where at least one but not all of the joint owners of taxable land is not an absentee owner, the joint owners are to be jointly assessed for land tax on the land as if it were owned by an owner who was not an absentee owner.
Note
Under subsection (2B), the joint owners will be jointly assessed for land tax
at the applicable rates
set out in Part 1 of Schedule 1. In addition,
subsections (3) to (6) apply in relation to how each joint owner is
to be separately assessed.".
(4) In section 38(3) of the Land Tax Act 2005 , for "Each joint owner of taxable land is also" substitute "In addition, each joint owner of taxable land is".
(5) In section 38(4)(a) and (5) of the Land Tax Act 2005 , after "subsection (2)" insert ", (2A) or (2B)".
(6) In section 38(4)(b) of the Land Tax Act 2005 , for
"E is the amount of land tax assessed under subsection (3)."
substitute —
"E is—
(a) in the case where subsection (2) or (2A) applies, the amount of land tax assessed under subsection (3);
(b) in the case where subsection (2B) applies—
(i) if the joint owner is not an absentee owner, the amount of land tax assessed under subsection (3); or
(ii) if the joint owner is an absentee owner, the amount of land tax that would have been assessed under subsection (3) if that owner were not an absentee owner or a trustee of a trust.".
(7) In section 38(6) of the Land Tax Act 2005 —
(a) after "trust" (where first occurring) insert "or an absentee trust";
(b) after "subsection (2)" insert ", (2A) or (2B)".