Land Tax (Adjustment) Act 1989 (Qld)

560 LAND TAX ( ADJUSTMENT) ANALYSIS OF CON T ENTS 1. Short title 2. Commencement 3. Application of Act 4. Repeal 5. Interpretation 6. Unimproved value for the purposes of Land Tax Act 7. Transitional 8. Amendment of the Land Tax Act 1915-1988 neenslaith ANNO TRICESIMO OCTAVO ELIZA ET AE SEA AE REGINAE No. 47 of 1989 An Act Rel-1, ) the value of lands for the purpose of assessir °°-, levying and recovering land tax and to amend the Land Tax Act 1915- 1988 in certain particulars [ASSENTED TO 5TH MAY, 1989]

Land Tax ( Adjustment ) Act 1989, No. 47 561 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title . This Act may be cited as the Land Tax (Adjustment) Act 1989. 2. Commencement . (1) This Act, other than section 8 (1) (a) and (b), shall commence on the day on which it is assented to for and on behalf of Her Majesty. (2) Section 8 (1) (a) and (b) shall be deemed to have commenced on 29 June 1987 and shall be given retrospective effect accordingly. 3. Application of Act. Sections 5, 6 and 7 apply in respect of the assessment, levy and recovery of land tax pursuant to The Land Tax Act of 1915 (as amended and in force for the time being) for the financial year begun on l July 1988 and for each subsequent financial year. 4. Repeal. The Acts specified in the Schedule are repealed as and to the extent indicated therein. 5. Interpretation . (1) In this Act, unless the contrary intention appears- "annual valuation", in respect of an Area, means a valuation of all lands in the Area made pursuant to Part IVA of The Valuation of Land Act of 1944 (as amended and in force for the time being); "Area" means the Area of any Local Authority constituted under the Local Government Act 1936-1987 including with respect to the Brisbane City Council, the Area of the City of Brisbane; "former unimproved value", in respect of a parcel of land which existed as a separate parcel of land at midnight on 30 June next but one preceding the financial year for which land tax is being levied, for the purposes of assessing and levying land tax for that financial year, means the value equal to the value of the land determined pursuant to this Act as the unimproved value of the land for the purposes of section 11 (2) of The Land Tax Act of 1915 (as amended and in force for the time being) for the preceding financial year: Provided that where the land existed as a separate parcel of land at midnight on 30 June 1987, for the purposes of assessing and levying land tax for the financial year begun on 1 July 1988, means- (a) the value of the land at midnight on 30 June 1987 determined pursuant to the Land Tax (Adjustment) Act1984-1988 for the purposes of calculating the taxable value of the land pursuant to section 11 (2) of The Land Tax Act of 1915 (as amended and in force for the time being) for the financial year begun on 1 July 1987;

'562 Land Tax (Adjustment) Act 1989, No. 47 or (b) where in respect of any parcel of land the value of the land at midnight on 30 June 1987 has not been determined pursuant to the Land Tax (Adjustment) Act 1984-1988, the unimproved value of the land at midnight on 30 June 1987 for the purposes of section 11 (2) of The Land Tax Act of 1915 (as amended and in force for the time being); "fresh unimproved value", for the purposes of assessing and levying land tax in respect of any parcel of land for a financial year, means the unimproved value of that land at midnight on 30 June immediately preceding that financial year, determined by the last made general, interim or annual valuation (whichever is the later) having force and effect at that date in respect of that land; "general valuation", in respect of an Area, means a valuation of all lands in the Area made pursuant to sections 11 and 13 (1) of The Valuation of Land Act of 1944 (as amended and in force for the time being); "interim valuation", in respect of any parcel of land in an Area, means the valuation of that land so altered or made by the Valuer-General pursuant to subsection (2), (3), (4) or (5) of section 13 of The Valuation of Land Act of 1944 (as amended and in force for the time being) subsequent to the date on which a general valuation of the Area was last proclaimed in force. (2) A reference in this Act to a valuation made by the Valuer- General or under The Valuation of Land Act of 1944 (as amended and in force for the time being) includes, where the valuation has been duly objected to under that Act (a) in a case to which paragraph (b) does not apply-that valuation according to the decision of the Valuer-General upon the objection; (b) if there was an appeal against the decision of the Valuer- General upon the objection-that valuation according to the final determination of that appeal. (3) Where for the purposes of assessing and levying any land tax it is necessary to determine any value in respect of a parcel of land pursuant to the Land Tax (Adjustment) Act 1984-1988 that value may be determined in accordance with that Act notwithstanding section 4 of this Act. 6. Unimproved value for the purposes of LandTax Act. (1) Subject to subsection (5), for the purposes of assessing and levying land tax under The Land Tax Act of 1915 (as amended and in force for the time

Land Tax (Adjustment) Act 1989, No. 47 563 being), the unimproved value of a parcel of land for the purposes of section 11 (2) of that Act for a financial year shall be- (a) where the parcel of land existed as a separate parcel of land at midnight on 30 June next but one preceding the financial year- (i) where the fresh unimproved value is equal to or less than 150 per cent of the former unimproved value-the fresh unimproved value; (ii) where the fresh unimproved value is greater than 1 50 per cent of the former unimproved value-150 per cent of the former unimproved value; (b) where the parcel of land came into existence as a separate parcel of land or was freeholded during the preceding financial year and paragraph (c) does not apply-the fresh unimproved value; (c) where the parcel of land came into existence as a separate parcel of land during the preceding financial year solely as a result of a compulsory acquisition, realignment, truncation or amalgamation instigated and required by a Local Authority constituted under the Local Government Act 1936-1987 or a State or Commonwealth statutory body- (i) where the fresh unimproved value is equal to or less than 150 per cent of the former notional value-the fresh unimproved value; (ii) where the fresh unimproved value is greater than 150 per cent of the former notional value-150 per cent of the former notional value. (2) For the purposes of subsection (1) (c), the "former notional value" shall be the value which is the product of the fresh unimproved value of the relevant parcel of land and the discount factor. (3) For the purposes of subsection (2), the "discount factor" in respect of a parcel of land shall be the amount calculated in accordance with the formula- where- 0 is the amount shown in an Annual Report of the Department of the Valuer-General as the value, as at 30 June one year prior to 30 June immediately preceding the financial year for which land tax is being assessed and levied, of rateable land in the Area in which that land is situated; P is the amount shown in an Annual Report of the Department of the Valuer-General as the value, as at 30 June immediately preceding the financial year for which land tax is being assessed and levied, of rateable land in the Area in which, that land is situated.

564 Land Tax (Adjustment) Act 1989, No. 47 (4) Where the formula in subsection (3) cannot be applied by reason that the value of rateable land in the Area in which the relevant parcel of land is situated as at a particular 30 June is not shown in an Annual Report of the Department of the Valuer-General, the formula shall be construed as providing that the value of rateable land in that Area at that date is the amount ascertained by the Valuer-General from his records and notified by him in writing to the Commissioner of Land Tax. (5) Where the unimproved value determined pursuant to subsection (1) for the financial year begun on 1 July 1988 is greater than the value that would have been the unimproved value calculated under the LandTax (Adjustment) Act 1984-1988, the latter value shall be deemed to be the unimproved value determined for that financial year pursuant to subsection (1). 7. Transitional . (1) Where before the commencement of this Act, an assessment for land tax has issued in respect of any land for the financial year begun 1 July 1988 the land tax in respect of that land shall be reassessed in accordance with this Act for that financial year. (2) Where land tax in respect of any land has been paid for the financial year begun 1 July 1988 the Commissioner of Land Tax shall upon reassessment in accordance with subsection (1) refund any land tax that has been overpaid as a result of that reassessment. (3) Where land tax is refunded pursuant to subsection (2) the Commissioner of Land Tax shall, in addition to the payment of any refund of land tax due in respect of any land, pay to the person to whom he pays that refund interest on the amount of land tax refunded at the prescribed rate for the period from the date when the land tax in respect of which the refund is being made was paid to the date when the refund is made. 8. Amendment of the LandTax Act 1915- 1988. (1) The Land Tax Act 1915-1988 is amended- (a) by omitting from section 11 A (2) (a) (i) the words "of all land in which a person who was then a member of the company" and substituting the words "of the interest of a member of the company in all land in which that member then"; (b) by omitting from section 11AA (2) (c) (i) the words "of all land in which a person who was then a beneficiary of the relevant trust" and substituting the words "of the interest of a beneficiary of the relevant trust in all land in which that beneficiary then"; (c) by omitting from section 11 A (2) (a) (i) the expression "$20 000" and substituting the expression "$45 000"; (d) by omitting from section 11AA (2) (c) (i) the expression "$20 000" and substituting the expression "$45 000"; (e) by inserting in section 27 (1) after the expression "1984-1988" the words "or the Land Tax (Adjustment) Act 1989".

Land Tax ( Adjustment ) Act 1989, No. 47 565 (2) The Land Tax Act 1915-1988 as amended by subsection (1) may be cited as the Land Tax Act 1915-1989. Year and Number of Act SCHEDULE Short title [s. 4] Extent of Repeal 9 Eliz. 2 No. 28 10 Eliz. 2 No. 49 No. 18 of 1962 No. 12 of 1963 No. 5 of 1984 No. 50 of 1984 No. 21 of 1985 No. 40 of 1988 No. 102 of 1988 The Land Tax ( Adjustment ) Act of 1960 The whole The Land Tax ( Further Adjustment) Act The whole of 1961 The Land Tax (Further Adjustment) Act The whole of 1962 The Land Tax (Further Adjustment) Act The whole of 1963 Land Tax ( Adjustment ) Act 1984 The whole Valuation of Land ( Annual Adjustment) Part III Act 1984 Valuationof Land Act and Other Acts Part IV Amendment Act 1985 Land Tax Act and Another Act Part III Amendment Act 1988 Land Tax ( Adjustment ) Act and Another Part II Act Amendment Act 1988