Land and Income Taxation Amendment Act 1998 (TAS)

Land and Income Taxation Amendment Act 1998

An Act to amend the Land and Income Taxation Act 1910

[Royal Assent 26 June 1998]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Land and Income Taxation Amendment Act 1998 . 2CommencementThis Act commences on 1 July 1998. 3Principal ActIn this Act, the Land and Income Taxation Act 1910 is referred to as the Principal Act. 4Section 2A amended (Rural land) Section 2A of the Principal Act is amended as follows: (a) by omitting from subsection (1)(b) "livelihood." and substituting "livelihood; or"; (b) by inserting the following paragraphs after paragraph (b) in subsection (1) : (c) land on which breeding tanks are established for the purposes of cultivating aquatic plants or animals; or (d) land that has been declared as a private timber reserve under the Forest Practices Act 1985 . (c) by inserting the following subsections after subsection (2) : (3)  If the Commissioner is satisfied that part of land which is not classified as rural land is being used for primary production, the Commissioner may treat that part of the land as being rural land within the meaning of subsection (1) . (4)  If the Commissioner is satisfied that part of land which is classified as rural land is not being used for primary production, the Commissioner may treat that part of the land as not being rural land within the meaning of subsection (1) . 5Section 9A amended (Interpretation of Part III)Section 9A(1) of the Principal Act is amended by omitting "section 21A, 21B, 21D or 21DA" from the definition of "apportioned assessed land value" and substituting "section 21A, 21AB, 21B, 21D or 21DA". 6Section 10 amended (Land tax) Section 10(1) of the Principal Act is amended as follows: (a) by omitting from paragraph (r) "purposes." and substituting "purposes;"; (b) by inserting the following paragraph after paragraph (r) : (s) land which is subject to a conservation covenant under Part VA of the National Parks and Wildlife Act 1970 or other prescribed instrument. 7Section 21AB insertedAfter section 21A of the Principal Act , the following section is inserted in Part III: 21ABApportioned assessed land value in respect of land for primary production (1)  The apportioned assessed land value in respect of land where only part of the land is used for primary production is, in relation to that part, determined by multiplying the assessed land value of the land by the proportion of the land which is used for primary production. (2)  The apportioned assessed land value in respect of land in relation to the part of the land not used for primary production is determined by deducting the apportioned assessed land value in respect of the part used for primary production from the assessed land value of the land. 8Section 170 amended (Times at which taxes payable) Section 170 of the Principal Act is amended by omitting subsection (1) and substituting the following subsections: (1)  Land tax is due and payable in the financial year in which it is incurred and is to be paid not later than such date or dates as are determined by the Commissioner. (1A)  If the land tax liability in any financial year exceeds $1 000, the Commissioner may accept payment of land tax for that financial year by 3 instalments. 9Section 175 amended (Proceedings for recovery of tax) Section 175 of the Principal Act is amended by omitting "within thirty days after the day on which the demand would, in the ordinary course of post, have been received at such last-mentioned post-office," and substituting "by the due date or dates mentioned in the demand,". 10Section 176 substituted Section 176 of the Principal Act is repealed and the following section is substituted: 176Additional tax if default made (1)  If – (a) the Commissioner accepts the payment of land tax or income tax by instalments; and (b) the tax, or any additional tax payable on an assessment or an amended assessment, is not paid by the due date mentioned in the demand for the tax or by such further time as the Commissioner may allow – additional tax is payable at the rate of 10% of the amount of the outstanding instalment at that date or at the expiration of that further time. (2)  For the purpose of subsection (1) , outstanding instalment means an amount equal to the amount mentioned in the demand referred to in that subsection which is payable at the due date mentioned in the demand less any amount paid in respect of the amount mentioned in the demand. (3)  If – (a) the Commissioner does not accept the payment of land tax or income tax by instalments; and (b) the tax, or any additional tax payable on an assessment or an amended assessment, is not paid by the due date mentioned in the demand for the tax or by such further time as the Commissioner may allow – additional tax is payable at the rate of 10% of the amount of the tax unpaid at that date or at the expiration of that further time. (4)  If the Commissioner considers it appropriate, the Commissioner may remit the additional tax or any part of the additional tax.

[Second reading presentation speech made in:

House of Assembly on 26 MAY 1998

Legislative Council on 11 JUNE 1998]