Changes to the Land Tax Management Act 1956 now require individuals, who use and occupy land as their Principal Place of Residence (PPR), to own a minimum 25% of the property either individually or jointly to claim the PPR exemption.

Existing landowners who are eligible to claim the PPR exemption prior to 1 February 2024 and own less than 25% in the property, may continue to claim the exemption for the 2024 and 2025 land tax years. The minimum 25% ownership requirement will then apply to those owners from the 2026 land tax year.

Landowners who purchase or acquire property on or after 1 February 2024 and do not meet the minimum ownership requirement will become liable from the 2025 land tax year.

To review the entire eligibility criteria for the PPR exemption please refer to the The principal place of residence exemption ruling.