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Home Owned by Private Company

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Last updated 12 January 2007

Assessment of a home owned by a private company

The following table provides reference points for the assessment rules of certain types of company title properties.    

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If the principal home owned by a private company, in which the person is...

And there is...

Then follow the assessment rules contained in ...

a shareholder,

a formal agreement giving the person reasonable security of tenure,

Homeowner's Basic Assessment Rules.    

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a shareholder,

no formal agreement or the agreement doesn't give the person reasonable security of tenure,

Non-Homeowner's Basic Assessment Rules.    

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Note: The value of any right or interest in this property is assessable.

not a shareholder,

Non-Homeowner's Basic Assessment Rules.    

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The principal home has the meaning given by subsection 5LA(1) of the VEA and subsection 5LA(2) of the VEA. The principal home of a person is generally the place in which they reside. In certain circumstances, however, the principal home of a person can be the place in which they formerly resided. The following property is regarded as part of the principal home.

  • the residence itself (e.g. house, flat, caravan),
  • permanent fixtures (e.g. stoves, built-in heaters, dish-washers, light fittings and affixed carpets),
  • [glossary:curtilage:DEF/Curtilage] (i.e. two hectares or less of private land around the home where the private land use test has been satisfied, or all land held on the same title as the person's principal home where the extended land use test has been satisfied), or
  •       any garage, shed, tennis court or swimming pool used primarily for private purposes provided it is on the same title as the principal home.