Land Aggregation Tax Act 1971 (NSW)

LAND AGGREGATION TAX.

ANNO VICESIMO

ELIZABETHE II REGINE

Act No. 4, 1971.

An Act to impose an aggregation tax upon the taxable

value of certain lands; and for purposes connected

therewith. [Assented to, 12th May, 1971.]

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative

Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows: —

to as the Principal Act.

This Act may be cited as the "Land Aggregation Tax Act, 1971", and shall be read and construed with the Land Aggregation Tax Management Act, 1971, in this Act referred

1.

(1) In respect of all land used for primary production and owned by any person as at midnight on the day on which any taxing year ends, there shall be charged, levied, collected and paid under the provisions of the Principal Act and at the times and in the manner therein prescribed, for credit of the Special Deposits Account in the Treasury, called the Closer Settlement and Public Reserves Fund, established under the Closer Settlement and Public Reserves Fund Act, 1970, aggregation tax in respect of that taxing year calcu­ lated on the taxable value attributable to that person at the respective rates set out in the Schedule to this Act.

2.

(2) Notwithstanding the provisions of subsection one of this section, the amount of aggregation tax payable by any person shall, where necessary in order to produce a lower amount than would but for this subsection be payable, be reduced so as not to exceed the amount of aggregation tax which would be payable on the taxable value attributable to that person at the next lower rate under the Schedule to this Act with the addition of the amount by which such taxable value exceeds that taxable value on which the highest amount of aggregation tax could be so payable at that lower rate.

(3) Where the total amount of aggregation tax payable by any person in any year would be less than one dollar, no aggregation tax shall be payable.

(4) Where upon the assessment of aggregation tax an amount expressed in dollars and cents is arrived at the cents shall be disregarded.

SCHEDULE.

SCHEDULE.

Where the taxable value Rate of aggregation tax

as assessed under the payable

Principal Act

Does not exceed . . $150,000 Twenty per centum of the

taxable value

exceeds $150,000 Thirty per centum of the

but does not taxable value

exceed $400,000

exceeds $400,000 Forty per centum of the

but does not taxable value

exceed $700,000

exceeds $700,000 Fifty per centum of the

but does not taxable value

exceed $1,000,000

exceeds $1,000,000 Sixty per centum of the

taxable value

LOCAL