Existing holding definition

Discussion in 'Development' started by Karl1985, 25th Dec, 2021.

Join Australia's most dynamic and respected property investment community
  1. Karl1985

    Karl1985 Active Member

    Joined:
    25th Dec, 2021
    Posts:
    37
    Location:
    Sydney
    Hi
    for the purpose of erecting a dwelling on a NSW rural small lot, i am trying to understand what makes an land an existing holding
    can someone give an example to make it clear please?
    assuming the relevant date was 11 April 1966, say if the land was subdivided in 1965 into 5 lots and all were under the same ownership on the 11th of April 1966, does that mean that for the current land to be an exiting holding,the 5 lots have to be owned by a single owner today? if one lot was sold separately after 1966 then it would not be an exiting holding anymore, is my understanding correct?
    similarly if the owner sold one lot before 11th of April 1966 to a person who does not own any other adjoining lots, then that single sold lot would be an exiting holding today because it was owned by one owner since 1966 even if it was sold later after that date, i am right or wrong?
    Thanks
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,224
    Location:
    Sydney or NSW or Australia
    What's the context? Under what Act?

    Various Acts, local, state & federal will affect the response - eg Land Tax, CGT, subdivision, Real Property Act, compulsory acquisition, use, dual occupancy etc.
     
  3. Karl1985

    Karl1985 Active Member

    Joined:
    25th Dec, 2021
    Posts:
    37
    Location:
    Sydney
  4. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,224
    Location:
    Sydney or NSW or Australia
    Judging by that, you should seek specific advice from a town planner as there are several site specific issues which will need to be considered & addressed who whether you have building entitlements on each lot, whether they meet the minimum lot size or if they are considered a single lot for the purposes of the instrument.
     
  5. Karl1985

    Karl1985 Active Member

    Joined:
    25th Dec, 2021
    Posts:
    37
    Location:
    Sydney
    i do not have a land, just wanted to understand the definition of an existing holding in general which is not specific to a certain council or land
     

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia