South Australian Numbered Acts South Australian Numbered Acts13—Amendment of section 8A—Calculation of land tax
(1) Section 8A(1)—delete subsection (1) and substitute:
(1) Subject to subsection (1a)
, land tax for land with a taxable value falling within a threshold set by this section is calculated in accordance with the table in Schedule 1 Part 2 clause 2 for the 2020/2021 and 2021/2022 financial years and in accordance with the table in Schedule 1 Part 2 clause 3 for the 2022/2023 financial year and for each subsequent financial year.
(1a) If land with a taxable value exceeding $25 000 is owned by a person as trustee of a trust, land tax for the land is calculated in accordance with the table in Schedule 1 Part 3 clause 4 for the 2020/2021 and 2021/2022 financial years and in accordance with the table in Schedule 1 Part 3 clause 5 for the 2022/2023 financial year and for each subsequent financial year.
(1b) Subsection (1a)
does not apply to—
(a) land subject to a fixed trust if a written notice of the beneficial interests in the land is in force under section 12; or
(b) land subject to a unit trust scheme if a written notice of the unitholdings in the scheme is in force under section 13; or
(c) land subject to a discretionary trust if—
(i) the land is pre-existing trust land (within the meaning of section 13A); and
(ii) a written notice of a designated beneficiary of the trust is in force under section 13A; or
(d) land subject to an excluded trust; or
(e) land subject to a public unit trust scheme.
Note—
Other provisions of this Part provide for assessment of land tax in the above cases in accordance with subsection (1)
at the rates set out in Schedule 1 Part 2.
(1c) Subsection (1a)
does not apply to land that is owned by a corporation if the corporation is grouped with 1 or more related corporations under Division 6 and land tax is assessed in accordance with section 13J.
(2) Section 8A(2), table, rows relating to Threshold D and Threshold E—delete these rows and substitute:
|
Threshold D |
$1 350 000 |
(3) Section 8A(3)—delete "each of the thresholds" and substitute:
thresholds A, B and C
(4) Section 8A—after subsection (3) insert:
(3a) Subject to this section, for each financial year after the 2020/2021 financial year, threshold D will be adjusted in accordance with the following table:
|
Financial year |
Threshold D amount |
|---|---|
|
2021/2022 |
$1 350 000 |
|
2022/2023 |
$2 000 000 |
|
2023/2024 and each subsequent financial year |
$2 000 000 adjusted in accordance with subsection (3b) |
(3b) Subject to this section, for the 2023/2024 financial year and each subsequent financial year ("year x"), threshold D will be adjusted to take into account increases in the site value of land according to the following formula:
where—
|
"Threshold D year x " |
represents threshold D for the relevant financial year ("year x") |
|
"Index value year x " |
= Index value year x-1 x (1 + Avg percentage change in site values year x ) |
|
where "Index value year x " is the Index value for the relevant financial year ("year x") and the average percentage change in site values for that financial year is determined under subsection (4), and with the Index value for the 2022/2023 financial year being 1. |
(5) Section 8A(4)—delete "subsections (2a) and (3)" and substitute:
subsections (2a), (3) and (3b)
(6) Section 8A(5)—delete subsection (5) and substitute:
(5) If, after applying subsection (4) to determine the Index value for a particular financial year ("year x") under subsection (3) or (3b), the result would be an Index value for year x that would be less than or equal to an Index value that has applied for—
(a) if the index value is determined under subsection (3)—the 2020/2021 financial year or a subsequent financial year occurring before year x; or
(b) if the index value is determined under subsection (3b)—the 2022/2023 financial year or a subsequent financial year occurring before year x,
the thresholds for year x will remain unchanged (so as to be equal to the year x-1 amounts).
(7) Section 8A(10)—delete subsection (10)