Victorian Numbered Acts

STATE TAXATION ACTS (GENERAL AMENDMENT) ACT 2005 (NO 36 OF 2005) - SECT 32

    (1)     After clause 6 of the Second Schedule to the Land Tax Act 1958 insert —

        "6A.     Rebate of 2005 land tax

        An owner who has paid or is liable to pay land tax for 2005 is entitled to a rebate of land tax equal to half the difference between—

        (a)     the amount of land tax paid or payable by the owner for 2005 as determined in accordance with clause 6; and

        (b)     the notional amount determined by applying the tax rates in Table FA to the total unimproved value of land of the owner as assessed under this Act for 2005.

TABLE FA

Item	Column 1	Column 2	Column 3
	$	$
1.	0	175 000	Nil
2.	175 000	200 000	$175 and 0·1 cents for each $1 of the value that exceeds $175 000
3.	200 000	540 000	$200 and 0·2 cents for each $1 of the value that exceeds $200 000
4.	540 000	900 000	$880 and 0·5 cents for each $1 of the value that exceeds $540 000
5.	900 000	1 190 000	$2680 and 1 cent for each $1 of the value that exceeds $900 000
6.	1 190 000	1 620 000	$5580 and 1·5 cents for each $1 of the value that exceeds $1 190 000
7.	1 620 000	2 700 000	$12 030 and 2·25 cents for each $1 of the value that exceeds $1 620 000
8.	2 700 000		$36 330 and 4 cents for each $1 of the value that exceeds $2 700 000

Example

        An owner has land with a total unimproved value of $1 500 000 as assessed for the purposes of the owner's land tax for 2005. The owner's rebate will be worked out as follows—

        (a)     the land tax paid or payable for 2005 (applying the rates in Table F in clause 6) is $18 205;

        (b)     the notional amount calculated by applying the rates in Table FA to the total unimproved value is $10 230;

        (c)     the difference between (a) and (b) is $7975;

        (d)     the rebate is half the difference between (a) and (b), that is $3987.50.".

    (2)     For clauses 7, 8, 9 and 10 of the Second Schedule to the Land Tax Act 1958 substitute —

        '7.     Land tax for 2006

    7.1     Subject to clause 7.2, if the total unimproved value of land of an owner as assessed under this Act for 2006 is not less than the amount shown in column 1 of an item in Table G and, if an amount is shown in column 2 of that item, less than the amount shown in column 2 of that item, the duty of land tax payable on the land is the amount determined in accordance with column 3 of that item.
s. 32

TABLE G

Item	Column 1	Column 2	Column 3
	$	$
1.	0	200 000	Nil
2.	200 000	540 000	$200 and 0·2 cents for each $1 of the value that exceeds $200 000
3.	540 000	900 000	$880 and 0·5 cents for each $1 of the value that exceeds $540 000
4.	900 000	1 190 000	$2680 and 1 cent for each $1 of the value that exceeds $900 000
5.	1 190 000	1 620 000	$5580 and 1·5 cents for each $1 of the value that exceeds $1 190 000
6.	1 620 000	2 700 000	$12 030 and 2·25 cents for each $1 of the value that exceeds $1 620 000
7.	2 700 000		$36 330 and 3·5 cents for each $1 of the value that exceeds $2 700 000

    7.2     The duty of land tax payable for 2006 on the land of an owner is—

        (a)     the amount determined in accordance with clause 7.1; or

        (b)         if that amount is more than 150% of the 2005 tax amount, 150% of the 2005 tax amount.

    7.3     For the purposes of this clause—

        (a)     "2005 tax amount" , in relation to land of an owner, means the amount determined by applying the rates of tax set out in Table F in clause 6 to the sum of—

              (i)     in respect of any land that was valued separately as at the relevant date (within the meaning of section 3) for the purpose of assessing land tax for 2005, the unimproved value of that land determined for the purpose of assessing land tax for 2005; and

              (ii)     in respect of any land that was not valued separately as at the relevant date for the purpose of assessing land tax for 2005 but was rated separately as at the relevant date for the purpose of assessing land tax for 2006, the unimproved value of that land determined for the purpose of assessing land tax for 2006; and

              (iii)     in respect of all other land, the unimproved value of the land as assessed under this Act for 2005—

less the amount that would be determined as a rebate under clause 6A in respect of the amount determined above;

        (b)     if the 2005 tax amount is zero, the duty of land tax payable for 2006 is the amount determined in accordance with clause 7.1;

        (c)     if the amount determined in accordance with clause 7.1 is zero, no duty of land tax is payable for 2006.

        8.     Land tax for 2007

If the total unimproved value of land of an owner as assessed under this Act for 2007 is not less than the amount shown in column 1 of an item in Table H and, if an amount is shown in column 2 of that item, less than the amount shown in column 2 of that item, the duty of land tax payable on the land is the amount determined in accordance with column 3 of that item.

TABLE H

Item	Column 1	Column 2	Column 3
	$	$
1.	0	200 000	Nil
2.	200 000	540 000	$200 and 0·2 cents for each $1 of the value that exceeds $200 000
3.	540 000	900 000	$880 and 0·5 cents for each $1 of the value that exceeds $540 000
4.	900 000	1 190 000	$2680 and 1 cent for each $1 of the value that exceeds $900 000
5.	1 190 000	1 620 000	$5580 and 1·5 cents for each $1 of the value that exceeds $1 190 000
6.	1 620 000	2 700 000	$12 030 and 2·25 cents for each $1 of the value that exceeds $1 620 000
7.	2 700 000		$36 330 and 3·25 cents for each $1 of the value that exceeds $2 700 000

        9.     Land tax for 2008 and subsequent years

If the total unimproved value of land of an owner as assessed under this Act for 2008 or a subsequent year is not less than the amount shown in column 1 of an item in Table I and, if an amount is shown in column 2 of that item, less than the amount shown in column 2 of that item, the duty of land tax payable on the land is the amount determined in accordance with column 3 of that item.

TABLE I

Item	Column 1	Column 2	Column 3
	$	$
1.	0	200 000	Nil
2.	200 000	540 000	$200 and 0·2 cents for each $1 of the value that exceeds $200 000
3.	540 000	900 000	$880 and 0·5 cents for each $1 of the value that exceeds $540 000
4.	900 000	1 190 000	$2680 and 1 cent for each $1 of the value that exceeds $900 000
5.	1 190 000	1 620 000	$5580 and 1·5 cents for each $1 of the value that exceeds $1 190 000
6.	1 620 000	2 700 000	$12 030 and 2·25 cents for each $1 of the value that exceeds $1 620 000
7.	2 700 000		$36 330 and 3 cents for each $1 of the value that exceeds $2 700 000

'.

__________________

See:
Act No.
8154.
Reprint No. 10
as at
1 January 2004
and amending
Act Nos
46/2004 and 71/2004.
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