Land tax. (a) Land Tax shall be apportioned on the amount assessed by the Commissioner of Land Tax for the year current at the Completion Date and on the basis that the assessment has been paid by the Vendor the Land is the only land owned by the Vendor and is not subject to any surcharge (including any absentee or foreign owner surcharge).
Land tax. Land tax must be apportioned as if the Property were the Vendor's only Tasmanian land.
Land tax. (a) Land tax must be adjusted on the assessment that the Office of State Revenue would issue for the land tax year current at the Settlement Date if the Lot was the registered owner's only land.
Land tax. Land tax must be adjusted between the parties on the full amount assessed by the State Revenue Office in relation to the Site, regardless of whether land tax would be payable on a single holding basis.
Land tax. Like Stamp Duty, Land Tax is regulated by the states. The relevant Office of State Revenue should be contacted by the parties to a granny flat arrangement to understand the consequences. Other considerations Vacating an interest If the client vacates the dwelling in which the granny flat right was provided, Centrelink may review the client’s circumstances to re-evaluate assessment of the arrangement. This generally occurs where the client vacates the dwelling within five years of establishment.18 If the circumstances indicate that the reason for vacating the interest could reasonably have been expected at the time the right was created, the value of the granny flat right is assessed under the deprivation rules. This may be problematic if the application of the deprivation provisions results in the loss of the client’s Age Pension (ie under the assets test, where the EC was exempt, but becomes assessable as a deprived asset). This also means aged care fees may increase considerably. Entering aged care Generally where a client exists a granny flat interest to enter aged care, the granny flat right is deemed to have come to an end. Provided that Centrelink are satisfied that deprivation shouldn’t apply as outlined above, the interest will cease for social security purposes. When a client enters residential aged care, some of their aged care fees are determined based on their income and assets. A deprived amount is assessed as an asset for aged care fee purposes and deemed income on the amount is also assessed. This means that if deprivation is taken to have occurred, aged care fees may increase.
Land tax. 71.1 Pursuant to section 21C Land Tax Management Act 1956 (NSW), the Lessor is not liable for the payment of land tax.
Land tax. The Company shall pay land tax for any relevant land in the Project Area (including Non-GON Project Land) acquired by the Company at the rates applicable from time to time.
Land tax. (a) Land tax will not be assessed by or payable to the State on any part of the Project Land:
