Taxes Consolidation Act 1997 section 653Z

Transfer of relevant site

Section 653Z sets out the obligations of a liable person who proposes to sell or transfer a relevant site that is subject to residential zoned land tax, including the meaning of "sale", the requirement to clear all RZLT liabilities before completion, and the information to be included in a pre-sale return.

• A "sale" includes a compulsory acquisition, a transfer at less than market value, or the grant of a lease exceeding 35 years or of indefinite duration
• Before completion, the liable person must pay all outstanding RZLT, accrued interest, and any agreed or determined penalties to Revenue
• Revenue will confirm the RZLT position of the site for the liable person or their agent at the date of sale
• A pre-sale return must be filed with Revenue containing prescribed information about the site, the vendor, and the purchaser