Victorian Numbered Acts

STATE TAXATION (REDUCTIONS AND CONCESSIONS) ACT 2006 (NO 38 OF 2006) - SECT 9

After clause 5 of Schedule 3 to the Land Tax Act 2005 insert —

        '5A.     Land tax capping for 2007

    (1)     The amount of land tax payable for 2007 on the land of an owner is—

        (a)     the amount determined in accordance with Table 1.2 or Table 3.2 in Schedule 1 (as applicable); or

        (b)         if that amount is more than 150% of the 2006 tax amount, 150% of the 2006 tax amount.

    (2)     For the purposes of this clause—

        (a)     the "2006 tax amount" , in relation to land of an owner, means the amount determined by applying the rates of tax set out in Table 1.1 or Table 3.1 in Schedule 1 (as applicable) to the sum of—

              (i)     in respect of any land that was valued separately as at the relevant date (within the meaning of section 19) for the purpose of assessing land tax for 2006, the taxable value of that land determined for the purpose of assessing land tax for 2006; 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 2006 but was rated separately as at the relevant date for the purpose of assessing land tax for 2007, the taxable value of that land determined for the purpose of assessing land tax for 2007; and

              (iii)     in respect of all other land, the taxable value of the land as assessed under this Act for 2006;

        (b)     if, for the 2006 tax year—

              (i)     the capping provisions in clause 5 applied to land of an owner; and

              (ii)     no tax was payable by the owner at the rates of tax set out in Table 3.1 in Schedule 1—

the "2006 tax amount" is the amount referred to in paragraph (a) as capped in accordance with clause 5;

        (c)     if, for the 2006 tax year—

              (i)     the capping provisions in clause 5 applied to land of an owner; and

              (ii)     tax was also payable by the owner at the rates of tax set out in Table 3.1 in Schedule 1—

the "2006 tax amount" is that part of the amount referred to in paragraph (a) as capped in accordance with clause 5 plus that part of the amount referred to in paragraph (a) determined by applying the rates of tax set out in Table 3.1 in Schedule 1;

        (d)     if the 2006 tax amount is zero, the amount of land tax payable for 2007 is the amount determined in accordance with Table 1.2 or Table 3.2 in Schedule 1 (as applicable).'.

__________________

See:
Act No.
8154.
Reprint No. 10
as at
1 January 2004
and amending
Act Nos
46/2004, 71/2004, 36/2005 and 24/2006.
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