The Qld Supreme Court has affirmed land tax assessments issued to a taxpayer based on a taxable value worked out under s 18(1)(b) of the Land Tax Act 2010 (Qld). The taxpayer owned 3 lots of land. For the 2009 and 2010 financial years, lots 1 and 3 were valued together at $7.2m and lot 2 was valued separately at $4.4m. For the 2011 financial year, there was a single valuation of the 3 lots at $20m. The issue before the Court concerned the relevant land tax assessments for the 2011 financial year. The taxpayer argued the taxable value of the land for the 2011 financial year should be averaged under s 18(1)(a) of the Land Tax Act ie the taxable value should be the average of id=”mce_marker”1.6m, id=”mce_marker”1.6m (again), and $20m. However, the Commissioner assessed tax upon the amount calculated by applying s 18(1)(b) ie taxable value of id=”mce_marker”9m. The Court dismissed the taxpayer’s appeal and affirmed the Commissioner’s decision.
(Greendale Developments Pty Ltd v Comr of State Revenue [2013] QSC 326, Qld Supreme Court, McMurdo J, 29 November 2013.)
[LTN 233, 2/12/13]