Rates Amendment Act 2005 (ACT)

Rates Amendment Act 2005

A2005-23

An Act to amend the Rates Act 2004

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1. Name of Act

   This Act is the Rates Amendment Act 2005.

2. Commencement

   This Act commences on 1 July 2005.

   NoteThe naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

3. Legislation amended

   This Act amends the Rates Act 2004.

4. Section 14

   substitute

5. Imposition of rates

   (1)Rates of the fixed charge are imposed for a parcel of rateable land that has an average unimproved value of the threshold amount or less.

   (2)Rates are imposed for a parcel of rateable land that has an average unimproved value of more than the threshold amount in accordance with the following formula:

FC + ((AUV - TA) × P)

(3)In this section:

AUV means the average unimproved value of the parcel.

FC (or fixed charge) means the fixed charge determined under the Taxation Administration Act, section 139 for the parcel.

P means the percentage rate determined under the Taxation Administration Act, section 139 for the parcel.

TA (or threshold amount) means the threshold amount determined under the Taxation Administration Act, section 139 for the parcel.

NoteDifferent fixed charges, amounts, or percentage rates may be determined for residential, commercial or rural land (see Legislation Act, s 48).

Endnotes

1. Presentation speech

   Presentation speech made in the Legislative Assembly on 3 May 2005.

2. Notification

   Notified under the Legislation Act on 11 May 2005.

3. Republications of amended laws

   For the latest republication of amended laws, see certify that the above is a true copy of the Rates Amendment Bill 2005, which was passed by the Legislative Assembly on 6 May 2005.

   Clerk of the Legislative Assembly

   © Australian Capital Territory 2005