New South Wales Consolidated Acts

LAND TAX MANAGEMENT ACT 1956 - SECT 62T

62T Premium rate threshold for 2024 onwards

(1) This section applies to calculate a premium rate threshold for a land tax year after the 2023 land tax year.

(2) The premium rate threshold for a land tax year (the
"relevant land tax year" ) is calculated by--

(a) multiplying the premium rate threshold for the previous land tax year and the tax threshold for the relevant land tax year, and

(b) dividing the result of the multiplication by the tax threshold for the previous land tax year, and

(c) rounding the result of the division to the nearest $1,000, with an amount of $500 being rounded up.

(3) For the purposes of calculating the premium rate threshold for the 2024 land tax year only--

(a) the premium rate threshold for the 2023 land tax year is taken to be $5,740,000, and

(b) the tax threshold for the 2023 land tax year is taken to be $939,000.