Landowners who, at June 30, have purchased a new principal residence but have not yet sold their current principal residence, may apply for a rebate (a transitional rebate) on their land tax.
Landowners may apply for the transitional rebate where the following conditions are met:
- a contract for sale for the new residence must have been entered into on or after 1 April of the year immediately prior to the current tax year;
- at least 50 per cent of the second property (the new residence) must be owned by the same owner(s) and it must have been purchased on or after 1 April;
- a contract for sale for either property must have been entered into prior to 1 October;
- neither residence must have been rented out or used to derive income during the transitional period when both were owned;
- no apportionment for land tax on the sold property between the vendor and the purchaser must have occurred; and
- an application for rebate must be lodged with the State Revenue Office no later than three months after 30 June of the next year.