Victorian Numbered Acts

STATE TAXATION ACTS AMENDMENT ACT 2015 (NO. 26 OF 2015) - SECT 38

After Part 3 of Schedule 1 to the Land Tax Act 2005 insert —

" Part 4—General absentee owner surcharge rates of land tax

        4.1     Rate of land tax on land held by absentee owners

The rate of land tax on land held by an absentee owner for 2016 and each subsequent year is set out in Table 4.1.

TABLE 4.1

Item	Column 1 Taxable value not less than	Column 2 Taxable value less than	Column 3 Rate of land tax
	$	$
1	0	250 000	Nil
2	250 000	600 000	$1525 and 0·7% of the taxable value that exceeds $250 000
3	600 000	1 000 000	$3975 and 1·0% of the taxable value that exceeds $600 000
4	1 000 000	1 800 000	$7975 and 1·3% of the taxable value that exceeds $1 000 000
5	1 800 000	3 000 000	$18 375 and 1·8% of the taxable value that exceeds $1 800 000
6	3 000 000		$39 975 and 2·75% of the taxable value that exceeds $3 000 000

Part 5—Surcharge rates of land tax for absentee trusts

        5.1     Rate of land tax on land held by owner subject to an absentee trust

The rate of land tax for land held by an owner subject to an absentee trust for 2016 and each subsequent year is set out in Table 5.1.

TABLE 5.1

Item	Column 1 Taxable value not less than	Column 2 Taxable value less than	Column 3 Rate of land tax
	$	$
1	0	25 000	Nil
2	25 000	250 000	$207 and 0·875% of the taxable value that exceeds $25 000
3	250 000	600 000	$2176 and 1·075% of the taxable value that exceeds $250 000
4	600 000	1 000 000	$5938 and 1·375% of the taxable value that exceeds $600 000
5	1 000 000	1 800 000	$11 438 and 1·675% of the taxable value that exceeds $1 000 000
6	1 800 000	3 000 000	$24 838 and 1·2614% of the taxable value that exceeds $1 800 000
7	3 000 000		$39 975 and 2·75% of the taxable value that exceeds $3 000 000

".

Part 4—Amendment of Taxation Administration Act 1997

Division 1—Refunds and offsets