Australian Capital Territory Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2016 (NO. 47 OF 2016) - SECT 18

substitute

9     First determination of unimproved value

    (1)     This section applies to a parcel of land that becomes rateable in a financial year (the first financial year ).

    (2)     The commissioner must determine the unimproved value of the parcel of land for the first financial year as at 1 January in the immediately preceding financial year.

    (3)     If the determination for the first financial year is not made in that year, the commissioner must also determine the unimproved value of the parcel for each subsequent financial year.

Example

A parcel of land became rateable on 28 September 2009. However, the first determination of the unimproved value of the parcel of land was not made until 2016. The first determination of the unimproved value of the parcel of land is for the unimproved value as at 1 January 2009 and applies to the parcel for the financial year beginning on 1 July 2009.

The commissioner must redetermine the unimproved value of the parcel of land for each of the financial years from 2010 to 2016.

Note     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act

, s 126 and s 132).

10     Annual redeterminations

    (1)     This section applies to a parcel of land that is rateable on 1 January in a year.

    (2)     The commissioner must, as soon as practicable after 1 January, redetermine the unimproved value of the parcel of land as at that date for the financial year immediately following that date.