Land Tax (Amendment) Act 1997 (Vic)

Land Tax (Amendment) Act 1997

Act No. 101/1997

TABLE OF PROVISIONS

Section Page

1.	Purpose	1
2.	Commencement	1
3.	Minimum assessment of land tax	2
4.	Rates and thresholds for land tax	2

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NOTES 4

i

Victoria

No. 101 of 1997

Land Tax (Amendment) Act 1997†

[Assented to 16 December 1997]

The Parliament of Victoria enacts as follows:

1. Purpose

The purpose of this Act is to amend the Land Tax Act 1958 to alter the rates and thresholds for land tax.

2. Commencement

This Act comes into operation on the day on which it receives the Royal Assent.

Land Tax (Amendment) Act 1997

Act No. 101/1997 s. 3

3. Minimum assessment of land tax

In section 7A of the Land Tax Act 1958— No. 6289.
Reprinted as

(a)	after "year" (where first occurring) insert	at 1 February 1997. Further
"after 1997";	amended by Nos 31/1997

(b) for "$60" substitute "$85". and 40/1997.

4. Rates and thresholds for land tax

(1) In clause 1B(5) of the Second Schedule to the

Land Tax Act 1958 omit "and each subsequent year".

(2) After clause 2 of the Second Schedule to the Land

Tax Act 1958 insert—

"3. Land tax for 1998 and subsequent years

If the total unimproved value of land of an owner as
assessed under this Act for 1998 or a subsequent year
is not less than the amount shown in column 1 of an
item in Table C and, if an amount is shown in column
2 of that item, less than the amount shown in column
2 of that item, the duty of land tax payable on the land
is the amount determined in accordance with column

3 of that item.

TABLE C

Item Column 1 Column 2 Column 3

$ $

1.	0	85 000	Nil
2.	85 000	200 000	$85 and 0·1 cents for each $1 of the value that exceeds $85 000
3.	200 000	540 000	$200 and 0·2 cents for each $1 of the value that exceeds
$200 000

Land Tax (Amendment) Act 1997

s. 4 Act No. 101/1997

Item Column 1 Column 2 Column 3

$ $

4.	540 000	675 000	$880 and 0·5 cents for each $1 of the value that exceeds
$540 000
5.	675 000	810 000	$1555 and 1 cent for each $1 of the value that exceeds $675 000
6.	810 000	1 080 000	$2905 and 1·75 cents for each $1 of the value that exceeds $810 000
7.	1 080 000	1 620 000	$7630 and 2·75 cents for each $1 of the value that exceeds $1 080 000
8.	1 620 000	2 700 000	$22 480 and 3 cents for each $1 of the value that exceeds $1 620 000
9.	2 700 000	$54 880 and 5 cents for each $1 of the value that exceeds $2 700 000".

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Land Tax (Amendment) Act 1997

Act No. 101/1997 Notes

NOTES

†

Minister's second reading speech—

Legislative Assembly: 13 November 1997

Legislative Council: 4 December 1997

The long title for the Bill for this Act was "to amend the Land Tax Act
1958 and for other purposes."