Schedule 1—Calculation of land tax (tables)
Note—
For Threshold values see section 8A.
Part 1—Interpretation
In this Schedule—
LT (TA) means the land tax payable with respect to land with a taxable value
equal to Threshold A;
LT (TB) means the land tax payable with respect to land with a taxable value
equal to Threshold B;
LT (TC) means the land tax payable with respect to land with a taxable value
equal to Threshold C;
LT (TD) means the land tax payable with respect to land with a taxable value
equal to Threshold D.
Part 2—Scales of land tax
Land tax for the 2020/2021 financial year and the 2021/2022 financial
year is calculated on the basis of the taxable value of the land in accordance
with the following table:
Taxable value of land |
Amount of tax |
---|---|
Not exceeding Threshold A |
Nil |
Exceeding Threshold A but not exceeding Threshold B |
$0.50 for every $100 or fractional part of $100 over Threshold A |
Exceeding Threshold B but not exceeding Threshold C |
LT (TB) plus $1.25 for every $100 or fractional part of $100 over
Threshold B |
Exceeding Threshold C but not exceeding Threshold D |
LT (TC) plus $2.00 for every $100 or fractional part of $100 over
Threshold C |
Exceeding Threshold D |
LT (TD) plus $2.40 for every $100 or fractional part of $100 over
Threshold D |
3—2022/2023 and subsequent years
Land tax for the 2022/2023 financial year and for each subsequent financial
year is calculated on the basis of the taxable value of the land in accordance
with the following table:
Taxable value of land |
Amount of tax |
---|---|
Not exceeding Threshold A |
Nil |
Exceeding Threshold A but not exceeding Threshold B |
$0.50 for every $100 or fractional part of $100 over Threshold A |
Exceeding Threshold B but not exceeding Threshold C |
LT (TB) plus $1.00 for every $100 or fractional part of $100 over
Threshold B |
Exceeding Threshold C but not exceeding Threshold D |
LT (TC) plus $2.00 for every $100 or fractional part of $100 over
Threshold C |
Exceeding Threshold D |
LT (TD) plus $2.40 for every $100 or fractional part of $100 over
Threshold D |
Part 3—Scales of land tax for trusts
4—2020/2021 and 2021/2022 (trusts)
Land tax for the 2020/2021 financial year and the 2021/2022 financial year is
calculated on the basis of the taxable value of the land in accordance with
the following table:
Taxable value of land |
Amount of tax |
---|---|
Not exceeding $25 000 |
Nil |
Exceeding $25 000 but not exceeding Threshold A |
$125 plus $0.50 for every $100 or fractional part of $100 over $25 000 |
Exceeding Threshold A but not exceeding Threshold B |
LT (TA) plus $1.00 for every $100 or fractional part of $100 over
Threshold A |
Exceeding Threshold B but not exceeding Threshold C |
LT (TB) plus $1.75 for every $100 or fractional part of $100 over
Threshold B |
Exceeding Threshold C but not exceeding Threshold D |
LT (TC) plus $2.40 for every $100 or fractional part of $100 over
Threshold C |
Exceeding Threshold D |
LT (TD) plus $2.40 for every $100 or fractional part of $100 over
Threshold D |
5—2022/2023 and subsequent years (trusts)
Land tax for the 2022/2023 financial year and for each subsequent financial
year is calculated on the basis of the taxable value of the land in accordance
with the following table:
Taxable value of land |
Amount of tax |
---|---|
Not exceeding $25 000 |
Nil |
Exceeding $25 000 but not exceeding Threshold A |
$125 plus $0.50 for every $100 or fractional part of $100 over $25 000 |
Exceeding Threshold A but not exceeding Threshold B |
LT (TA) plus $1.00 for every $100 or fractional part of $100 over
Threshold A |
Exceeding Threshold B but not exceeding Threshold C |
LT (TB) plus $1.50 for every $100 or fractional part of $100 over
Threshold B |
Exceeding Threshold C but not exceeding Threshold D |
LT (TC) plus $2.40 for every $100 or fractional part of $100 over
Threshold C |
Exceeding Threshold D |
LT (TD) plus $2.40 for every $100 or fractional part of $100 over
Threshold D |