New South Wales Consolidated Acts

LAND TAX MANAGEMENT ACT 1956 - SECT 62TBA

62TBA Tax threshold-2006 land tax year and subsequent land tax years

(1) The tax threshold for the 2006 land tax year is $352,000.

(2) The tax threshold for the 2007 land tax year and any subsequent land tax year is the average of the indexed amounts, or the tax threshold for the previous land tax year, whichever is the greater.

(3) The "average of the indexed amounts" is the average of the following 3 amounts:

(a) the indexed amount for the land tax year,

(b) the indexed amount for the 2 preceding land tax years.

(4) For the purposes of this section, the "indexed amount" for a land tax year is the following:

(a) in the case of the 2005 land tax year-$342,000,

(b) in the case of the 2006 land tax year-$352,000,

(c) in the case of the 2007 land tax year or any subsequent land tax year, the amount determined as provided for by subsection (5).

(5) The indexed amount for the 2007 land tax year and any subsequent land tax year is to be determined in accordance with the following formula:

"N" is the indexed amount for the previous land tax year.
"I" is the indexation factor for the land tax year, determined in accordance with section 62TBB.

Accordingly, the tax threshold for the 2007 land tax year will be the average of the following 3 amounts, or $352,000, whichever is the greater:

(a) $342,000,

(b) $352,000,

(c) $352,000 × (100% + I).

(6) A tax threshold, or indexed amount, determined in accordance with this section is to be rounded off to the nearest $1,000 (with an amount of $500 rounded up).

(7) On or before 15 October in each year (commencing with 2006), the Valuer-General is to publish in the Gazette the following amounts, as determined in accordance with this section:

(a) the indexed amount for the following land tax year,

(b) the average of the indexed amounts (including the indexed amounts used to calculate that average),

(c) the tax threshold for the following land tax year.