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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
VALUATION OF LAND
AMENDMENT BILL 2003
Queensland
VALUATION OF LAND AMENDMENT
BILL 2003
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 4 (Meaning of "improved value") . . . . . . . . . . . . . . . . . . . 4
5 Amendment of s 6 (Meaning of "improvements") . . . . . . . . . . . . . . . . . . . . 4
6 Insertion of new s 35A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
35A Valuing intangible improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
7 Insertion of new pt 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 10--TRANSITIONAL PROVISION FOR VALUATION OF
LAND AMENDMENT ACT 2003
101 Date for applications under section 35A . . . . . . . . . . . . . . . . . . . . . . 6
2003
A BILL
FOR
An Act to amend the Valuation of Land Act 1944
s1 4 s5
Valuation of Land Amendment Bill 2003
The Parliament of Queensland enacts-- 1
1 Short title
Clause 2
This Act may be cited as the Valuation of Land Amendment Act 2003. 3
2 Act amended
Clause 4
This Act amends the Valuation of Land Act 1944. 5
3 Amendment of s 2 (Definitions)
Clause 6
Section 2-- 7
insert-- 8
` "intangible improvements" see section 6.'. 9
4 Amendment of s 4 (Meaning of "improved value")
Clause 10
Section 4, after `fee simple of the land'-- 11
insert-- 12
`, including improvements,'. 13
5 Amendment of s 6 (Meaning of "improvements")
Clause 14
(1) Section 6(1), `visible or invisible'-- 15
omit, insert-- 16
`visible, invisible or intangible'. 17
(2) Section 6-- 18
insert-- 19
`(5) In this section-- 20
"intangible improvements", in relation to land, include the benefit of 21
non-physical improvements to the land including a lease, licence or 22
other right and the goodwill associated with the purpose for which the 23
land is being used.'. 24
s6 5 s6
Valuation of Land Amendment Bill 2003
6 Insertion of new s 35A
Clause 1
After section 35-- 2
insert-- 3
`35A Valuing intangible improvements 4
`(1) An owner of land may apply to the chief executive to have the value 5
of intangible improvements to the land taken into consideration by the 6
chief executive in making a valuation of the land. 7
`(2) The application must-- 8
(a) be in the approved form; and 9
(b) state, for the land including improvements, the market value 10
mentioned in the owner's financial records; and 11
(c) state the type of intangible improvements; and 12
(d) include-- 13
(i) an assessment by the owner of the value of each of the 14
intangible improvements; and 15
(ii) the information used by the owner to make the assessment 16
including supporting documents; and 17
(e) be given to the chief executive by 30 June in the year before the 18
year in which the valuation is to have effect. 19
`(3) The chief executive may require the person to provide further 20
information or documents to enable the chief executive to make the 21
valuation. 22
`(4) The chief executive is required to take the value of intangible 23
improvements into consideration in making a valuation only if-- 24
(a) an application has been made under this section; and 25
(b) the chief executive has received any information requested under 26
subsection (3). 27
`(5) The chief executive must not value intangible improvements at more 28
than the percentage prescribed under a regulation of the improved value of 29
the land. 30
`(6) Subsection (7) applies if-- 31
(a) the chief executive has valued intangible improvements under 32
this section; and 33
s7 6 s7
Valuation of Land Amendment Bill 2003
(b) the owner of the land to which the intangible improvements 1
relate has not made a further application under this section. 2
`(7) The chief executive, in making a valuation of the land, may take the 3
value of the intangible improvements, decided under this section, into 4
consideration for up to 3 years after the application is made.'. 5
7 Insertion of new pt 10
Clause 6
After section 100-- 7
insert-- 8
`PART 10--TRANSITIONAL PROVISION FOR 9
VALUATION OF LAND AMENDMENT ACT 2003 10
`101 Date for applications under section 35A 11
Despite section 35A(2)(d), an application under section 35A must be 12
given to the chief executive-- 13
(a) for a valuation having effect on 30 June 2003--by 14
31 August 2003; and 15
(b) for a valuation having effect on 30 June 2004--by 16
31 October 2003.'. 17
© State of Queensland 2003
AMENDMENTS TO BILL
1
Valuation of Land Amendment Bill 2003
VALUATION OF LAND AMENDMENT
BILL 2003
AMENDMENTS AGREED TO IN COMMITTEE
1 Clause 5--
At page 4, lines 21 to 24--
omit, insert--
` "intangible improvements", in relation to land, include the benefit of--
(a) the following non-physical improvements to the land--
(i) a lease, licence or other right;
(ii) the goodwill associated with the purpose for which the land
is being used; and
(b) other non-physical improvements prescribed under a regulation.'.
2 Clause 7--
At page 6, line 12, `section 35A(2)(d)'--
omit, insert--
`section 35A(2)(e)'.
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