Queensland Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2022 - SECT 37

37 Insertion of new s 21A

After section 21 —
insert —

21A Assessment does not include land subject to interstate time-sharing scheme

(1) For assessing the liability for land tax of a taxpayer who is the manager of an interstate time-sharing scheme, the total value of Australian land owned by the taxpayer does not include the statutory value of the land subject to the interstate time-sharing scheme.

(2) In this section—

"interstate time-sharing scheme" means a scheme—

(a) in which participants are or may become entitled to use, occupy or possess, for 2 or more periods during the scheme’s operation, property, in another State, to which the scheme relates; and

(b) implemented in relation to—

(i) all or some of the lots comprised in an interstate strata scheme; or

(ii) another parcel, in another State, if each participant is a registered proprietor of the parcel.

"registered proprietor" includes, for a parcel in the Australian Capital Territory, the owner of the parcel.

"scheme" includes undertaking and enterprise.