Unit_2_Property_Tax

Itisrefundedatendoftenancy unit 2 property tax unit

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Unformatted text preview: m (e.g. shares of in any form (e.g. shares of tenant) covering whole/part period [can be spread out over tenancy period but not more than 36 months – s.5B] Money paid to other person for owner Consideration convertible into money, e.g. discharge owner’s debt owner's expenditure e.g. repairs borne by the tenant Rent for car parking spaces (if not separately rated from the building) Irrecoverable rent recovered Non­refundable deposit 遗 遗 (Normally tenant has to pay (Normally tenant has to pay 2­month deposits as security for any damage or unpaid utility expenses. It is refunded at end of tenancy.) Unit 2 – Property Tax Unit Irrecoverable rent – deductible from AV under s.7C [since 1.4.1993]; it should be Previously included as AV Proved to the satisfaction of assessor to be irrecoverable Deductible in Y/A found to be irrecoverable Excess irrecoverable rent can be carried backward to latest Y/A with AV – s.7C(3) Deducted from AV before rates & 20% Subsequent recovery assessed in year of recovery under s.7C(2) Unit 2 – Property Tax Unit Rates – s.5(1A)(b)(i) Deductible from AV only if paid by owner as agreed in tenancy agreement Vacant period – no deduction of rates [Note: Rates demand note includes rates and ground rent. Latter is not deductible item under Property Tax.] Statutory Deductions 2...
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This document was uploaded on 03/18/2014.

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