The Victorian State Revenue Office (SRO) has issued for comment Draft Revenue Ruling LTA 001v2 (Principal Place of Residence Exemption – Substantial Business Activity). The Draft Ruling explains the factors in s 62(2) of the Land Tax Act 2005 (Vic) which the Commissioner must take into account when determining whether the PPR land is also used by a person to carry on substantial business activity. It is proposed to apply from 1 December 2012.
COMMENTS are due by 15 February 2013.
[LTN 19, 30/1/13]