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This is a Bill, not an Act. For current law, see the Acts databases.


RATES AND LAND TAX AMENDMENT BILL 2003 (NO 2)

2003

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY



(As presented)

(Treasurer)

Rates and Land Tax Amendment Bill 2003 (No 2)



Contents

Page







2003

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY



(As presented)

(Treasurer)

Rates and Land Tax Amendment Bill 2003 (No 2)





A Bill for

An Act to amend the Rates and Land Tax Act 1926











The Legislative Assembly for the Australian Capital Territory enacts as follows:



1 Name of Act

This Act is the Rates and Land Tax Amendment Act 2003 (No 2).

2 Commencement

This Act commences immediately after the commencement of the Revenue Legislation Amendment Act 2002 (No 2), part 4.

Note The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

3 Act amended

This Act amends the Rates and Land Tax Act 1926.

4 Imposition

Section 13 (2)

omit

$300

insert

$320

5 Section 13 (3) and (4)

substitute

(3) Rates are imposed in relation to each parcel of residential or commercial land that has an average unimproved value of more than $19 000 in accordance with the following formula:

$320 + ((AUV - $19 000) × P).

(4) Rates are imposed in relation to each parcel of rural land that has an average unimproved value of more than $19 000 in accordance with the following formula:

(AUV - $19 000) × P.

(5) In this section:

AUV means the average unimproved value of the parcel of land.

P means—

(a) for a parcel of residential land—0.5103%; or

(b) for a parcel of commercial land—1.2694%; or

(c) for a parcel of rural land—0.25515%.

6 Imposition and assessment of rates—certain qualifying parcels of land

Section 22GM (2)

substitute

(2) In its application to the imposition of rates in relation to a parcel of land to which this section applies, section 13 has effect as if subsections (3), (4) and (5) of that section were omitted and the following subsections substituted:

‘(3) Rates are imposed in relation to each parcel of residential or commercial land that has an average unimproved value of more than $19 000 in accordance with the following formula:

$320 + [(AUV - $19 000) × ({NRP × 1.2694%} + {RP × 0.5103%})].

‘(4) In this section:

AUV means the average unimproved value of the parcel of land.

NRP means the percentage of the development or intended development, determined under section 22GL, that is to be used for non-residential purposes.

RP means the percentage of the development or intended development, determined under section 22GL, that is to be used for residential purposes.’.

Endnotes

Republications of amended laws

For the latest republication of amended laws, see www.legislation.act.gov.au.























































© Australian Capital Territory 2003

 


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