[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
Queensland VALUATION OF LAND AMENDMENT BILL 2003
Queensland VALUATION OF LAND AMENDMENT BILL 2003 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 Amendment of s 4 (Meaning of "improved value") . . . . . . . . . . . . . . . . . . . 4 5 Amendment of s 6 (Meaning of "improvements") . . . . . . . . . . . . . . . . . . . . 4 6 Insertion of new s 35A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 35A Valuing intangible improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 Insertion of new pt 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 PART 10--TRANSITIONAL PROVISION FOR VALUATION OF LAND AMENDMENT ACT 2003 101 Date for applications under section 35A . . . . . . . . . . . . . . . . . . . . . . 6
2003 A BILL FOR An Act to amend the Valuation of Land Act 1944
s1 4 s5 Valuation of Land Amendment Bill 2003 The Parliament of Queensland enacts-- 1 1 Short title Clause 2 This Act may be cited as the Valuation of Land Amendment Act 2003. 3 2 Act amended Clause 4 This Act amends the Valuation of Land Act 1944. 5 3 Amendment of s 2 (Definitions) Clause 6 Section 2-- 7 insert-- 8 ` "intangible improvements" see section 6.'. 9 4 Amendment of s 4 (Meaning of "improved value") Clause 10 Section 4, after `fee simple of the land'-- 11 insert-- 12 `, including improvements,'. 13 5 Amendment of s 6 (Meaning of "improvements") Clause 14 (1) Section 6(1), `visible or invisible'-- 15 omit, insert-- 16 `visible, invisible or intangible'. 17 (2) Section 6-- 18 insert-- 19 `(5) In this section-- 20 "intangible improvements", in relation to land, include the benefit of 21 non-physical improvements to the land including a lease, licence or 22 other right and the goodwill associated with the purpose for which the 23 land is being used.'. 24
s6 5 s6 Valuation of Land Amendment Bill 2003 6 Insertion of new s 35A Clause 1 After section 35-- 2 insert-- 3 `35A Valuing intangible improvements 4 `(1) An owner of land may apply to the chief executive to have the value 5 of intangible improvements to the land taken into consideration by the 6 chief executive in making a valuation of the land. 7 `(2) The application must-- 8 (a) be in the approved form; and 9 (b) state, for the land including improvements, the market value 10 mentioned in the owner's financial records; and 11 (c) state the type of intangible improvements; and 12 (d) include-- 13 (i) an assessment by the owner of the value of each of the 14 intangible improvements; and 15 (ii) the information used by the owner to make the assessment 16 including supporting documents; and 17 (e) be given to the chief executive by 30 June in the year before the 18 year in which the valuation is to have effect. 19 `(3) The chief executive may require the person to provide further 20 information or documents to enable the chief executive to make the 21 valuation. 22 `(4) The chief executive is required to take the value of intangible 23 improvements into consideration in making a valuation only if-- 24 (a) an application has been made under this section; and 25 (b) the chief executive has received any information requested under 26 subsection (3). 27 `(5) The chief executive must not value intangible improvements at more 28 than the percentage prescribed under a regulation of the improved value of 29 the land. 30 `(6) Subsection (7) applies if-- 31 (a) the chief executive has valued intangible improvements under 32 this section; and 33
s7 6 s7 Valuation of Land Amendment Bill 2003 (b) the owner of the land to which the intangible improvements 1 relate has not made a further application under this section. 2 `(7) The chief executive, in making a valuation of the land, may take the 3 value of the intangible improvements, decided under this section, into 4 consideration for up to 3 years after the application is made.'. 5 7 Insertion of new pt 10 Clause 6 After section 100-- 7 insert-- 8 `PART 10--TRANSITIONAL PROVISION FOR 9 VALUATION OF LAND AMENDMENT ACT 2003 10 `101 Date for applications under section 35A 11 Despite section 35A(2)(d), an application under section 35A must be 12 given to the chief executive-- 13 (a) for a valuation having effect on 30 June 2003--by 14 31 August 2003; and 15 (b) for a valuation having effect on 30 June 2004--by 16 31 October 2003.'. 17 © State of Queensland 2003
AMENDMENTS TO BILL
1 Valuation of Land Amendment Bill 2003 VALUATION OF LAND AMENDMENT BILL 2003 AMENDMENTS AGREED TO IN COMMITTEE 1 Clause 5-- At page 4, lines 21 to 24-- omit, insert-- ` "intangible improvements", in relation to land, include the benefit of-- (a) the following non-physical improvements to the land-- (i) a lease, licence or other right; (ii) the goodwill associated with the purpose for which the land is being used; and (b) other non-physical improvements prescribed under a regulation.'. 2 Clause 7-- At page 6, line 12, `section 35A(2)(d)'-- omit, insert-- `section 35A(2)(e)'.
[Index] [Search] [Download] [Related Items] [Help]