Common use of Land tax Clause in Contracts

Land tax. (a) Land Tax shall be apportioned on the amount assessed by the Commissioner of Land Tax for the year current at the Completion Date and on the basis that the assessment has been paid by the Vendor the Land is the only land owned by the Vendor and is not subject to any surcharge (including any absentee or foreign owner surcharge). (b) If the Vendor is unable to produce to the Purchaser at or prior to Completion a certificate stating that the Land is not liable for Land Tax for the year current at the Completion Date or other evidence that the Land Tax for the year current at the Completion Date has been paid then: (1) the Purchaser must complete this agreement; and (2) the Purchaser must make an adjustment in favour of the Vendor at Completion for the Purchaser’s proportion of the Land Tax calculated in accordance with the requirements of clause 7.2(a); and (3) The Vendor directs the Purchaser to deduct from the Balance Sale Price the amount of the Land Tax and to pay that amount to the Commissioner of State Revenue.

Land tax. (a) Land Tax shall be apportioned on the amount assessed by the Commissioner of Land Tax for the year current at the Completion Date and on the basis that the assessment has been paid by the Vendor Vendor, the Land is the only land owned by the Vendor and is not subject to any surcharge (including any absentee or foreign owner surcharge). (b) If the Vendor is unable to produce to the Purchaser at or prior to Completion a certificate stating that the Land is not liable for Land Tax for the year current at the Completion Date or other evidence that the Land Tax for the year current at the Completion Date has been paid then: (1) the Purchaser must complete this agreement; and (2) the Purchaser must make an adjustment in favour of the Vendor at Completion for the Purchaser’s proportion of the Land Tax calculated in accordance with the requirements of clause 7.2(a); and (3c) The Vendor directs the Purchaser to deduct from the Balance Sale Price the amount of the Land Tax and to pay that amount to the Commissioner of State Revenue.

Land tax. (a) Land Tax shall be apportioned on the amount assessed by the Commissioner of Land Tax for the year current at the Completion Date and on the basis that the assessment has been paid by the Vendor Vendor, the Land is the only land owned by the Vendor and is not subject to any surcharge (including any absentee or foreign owner surcharge). (b) If the Vendor is unable to produce to the Purchaser at or prior to Completion a certificate stating that the Land is not liable for Land Tax for the year current at the Completion Date or other evidence that the Land Tax for the year current at the Completion Date has been paid then: (1) the Purchaser must complete this agreement; and (2) the Purchaser must make an adjustment in favour of the Vendor at Completion for the Purchaser’s proportion of the Land Tax calculated in accordance with the requirements of clause 7.2(a); and (3) The Vendor directs the Purchaser to deduct from the Balance Sale Price the amount of the Land Tax and to pay that amount to the Commissioner of State Revenue.