Land Tax (Amendment) Act 1971 (NSW)

LAND TAX (AMENDMENT) ACT.

ANNO VICESIMO

ELIZABETHE II REGINE

Act No. 48, 1971.

A n Act to alleviate the incidence of land tax, and to reduce the amount payable b y way of land tax, in certain cases ; for these purposes to amend the L a n d T a x M a n a g e m e n t Act, 1956, and the L a n d

therewith. [Assented to, 14th December, 1971.] B E

T a x Act , 1956; a n d for purposes connected

D E 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: —

1. ( 1 ) This Act may be cited as the "Land Tax (Amendment) Act, 1971".

( 2 ) This Act shall be deemed to have commenced on

the first day of November, one thousand nine hundred and
seventy-one.

2. The Land Tax Management Act, 1956, is amended—

(a)	(i)	by omitting from paragraph (e) of subsection three of section nine the word "seventy" and by inserting in lieu thereof the word "seventy-one";
(ii)	by omitting from the same paragraph the words "thirty thousand dollars" wherever occurring and by inserting in lieu thereof the words "thirty-three thousand dollars";

(hi) by omitting from subparagraph (ii) of the
same paragraph the words "forty thousand

dollars" and by inserting in lieu thereof the

words "forty-four thousand dollars";

(b) ( i) by inserting next after paragraph (p) of

subsection one of section ten the following new

paragraph:—

(q) with respect to taxation leviable or payable in respect of the year commencing on the first day of Novem­ ber, one thousand nine hundred and

seventy-four

seventy-four or any succeeding year, land used for primary production, being land owned by an Australian exempt proprietary company but not being land in respect of which an Australian exempt proprietary com­ pany is jointly assessed with a public company.

(ii)   by inserting at the end of the same subsection the following new paragraph :—

In paragraph (q) of this subsection

"Australian exempt proprietary company" and "public company" have the meanings respectively ascribed thereto by subsection

(1B) of section three of the Land Tax Act,

1956.

3. The Land Tax Act, 1956, is amended by omitting subsection ( 1 B ) of section three and by inserting in lieu thereof the following subsection :—

( 1 B ) Notwithstanding the provisions of this or any other Act, the amount of land tax payable by any sole owner or by joint owners on land used for primary production shall be the amount which, but for the

under subsection one of this section, less—	provisions of this subsection, would otherwise be assessed	(a)	where all the land owned by the sole owner or the joint owners is land used for primary production and that sole owner is an Australian exempt proprietary company or, as the case may
be, those joint owners consist only of Australian
exempt proprietary companies or of one or more

Australian

Australian exempt proprietary companies and one or more persons other than public companies—

(i)   in respect of the period of twelve months commencing on the first day of November in the year one thousand nine hundred and seventy-one—a deduction equal to two-fifths of such amount;

(ii)   in respect of the period of twelve months commencing on the first day of November in the year one thousand nine hundred and seventy-two—a deduction equal to three-fifths of such amount; and

(hi) in respect of the period of twelve months commencing on the first day of November in the year one thousand nine hundred and seventy-three—a deduction equal to four-fifths of such amount;

(b) where all the land owned by the sole owner or the joint owners is land used for primary production and that sole owner or, as die case may be, any of those joint owners, is a public company, in respect of the period of twelve months commencing on the first day of November in the year one thousand nine hundred and seventy-one or any succeeding year—a deduction equal to one-fifth of such amount; or

(c) where part only of the land owned by a sole

owner or joint owners who, if all of the land	owned by him or them were used for primary
production, would be entitled to the deduction referred to in paragraph (a ) or (b ) of this subsection, is land used for primary production—
a deduction equal to the sum of the following
amounts :—

(i)   an amount which bears the same propor­ tion to the deduction which would be applicable under paragraph ( a ) or (b) of

this

this subsection if all the land owned by the sole owner or the joint owners, as the

case may be, was used for primary

production as the taxable value of that part of the land used for primary production bears to the total taxable value of all the land owned by that sole owner or those joint owners; and

(ii)   an amount which bears the same propor­ tion to the deduction which would be applicable under subsection (1A) of this section if none of the land owned by that

sole owner or those joint owners, as the case may be, was used for primary

production as the taxable value of such part of the land as is not land used for primary production bears to the total taxable value of all the land owned by

that sole owner or those joint owners.

In this subsection—
"Australian exempt proprietary company" means a

company which is an exempt proprietary company under the law of another State or a Territory of the Commonwealth and which is registered under Division 3 of Part X I of the Companies Act, 1961 ;

"public company" means a company, a mortgagee in

possession of land owned by or on behalf of a

company, a person in possession by way of security for money of land owned by or on behalf
of a company or a person holding land as trustee

for or on behalf of a company, but does not

include—

(a)	a trustee company acting in its represen­ tative capacity;
(b)	an exempt proprietary company as defined in the Companies Act, 1961 ; or

(c )

(c ) an Australian exempt proprietary

company;

"sole owner", in relation to iand, means the owner of

that land, not being a joint owner of that land.

The amendments made by this Act shall not affect the liability of any person to pay land tax incurred before the first day of November, one thousand nine hundred and seventy-one, in accordance with the provisions of the Land

4.

Tax Management Act, 1956, and the Land Tax Act, 1956,

and that person shall be liable to pay any such tax in all

respects as if this Act had not been enacted.

L I B R A R Y