PLANNING AND ENVIRONMENT ACT 1987 - SECT 201SG Amount of GAIC
PLANNING AND ENVIRONMENT ACT 1987 - SECT 201SG
Amount of GAIC(1) The amount of a growth areas infrastructure contribution payable in respect of a GAIC event that occurs in a financial year is based on the growth areas infrastructure contribution payable per hectare for that financial year under this section.
(2) In calculating the amount of growth areas infrastructure contribution under subsection (1) the area of land in hectares will be rounded off to the fifth decimal point.
Example
If the area of the land is 93·675897 hectares, the growth areas infrastructure contribution will be calculated on 93·67590 hectares.
(3) Subject to section 201SI, the amount of the growth areas infrastructure contribution that is payable in the 2010/2011 financial year is—
(a) for type A land—$80 000 per hectare;
(b) for type B-1 land or type B-2 land—$95 000 per hectare;
(c) for type C land—$95 000 per hectare.
Examples
1 A person sells a parcel of land in October 2010 that has a total area of 10 hectares consisting of 3 lots of land on separate titles. Lot 1 is 3 hectares in area and is not in the contribution area and lot 2 is 3 hectares in area and is in the contribution area but GAIC does not apply to that land under section 201SA because it is subject to a registered restrictive covenant that prohibits subdivision. However lot 3 is 4 hectares in area and is type A land. In this case the purchaser will be liable to pay a GAIC of $320 000 in relation to the lot 3 land only.
2 A person who co-owns a 5 hectare lot of type A land as a tenant in common sells his or her 20% interest in the land in October 2010. The purchaser of the land will be liable to pay a GAIC of $80 000. If any of the co‑owners, who hold the remaining 80% interest in the land, disposes of his or her interest in the land, the relevant purchaser will be liable to pay the GAIC (indexed if applicable) in proportion to that interest.
Example 3 to s. 201SG(3) amended by No. 38/2012 s. 21.
3 A person obtains a 50% interest in a private landholder company which owns 2 hectares of type A land (a significant acquisition). The person would be liable to pay 50% of the GAIC in respect of the type A land based on the relevant contribution rate for that financial year. If the rate was $84 000 per hectare for type A land in that year, the amount payable would be $84 000.
(4) Subject to section 201SI, the amount of the growth areas infrastructure contribution payable in the 2011/2012 financial year and in each subsequent financial year is—
(a) for type A land—the adjusted contribution for that financial year for that type of land per hectare;
(b) for type B-1 land or type B-2 land—the adjusted contribution for that financial year for that type of land per hectare;
(c) for type C land—the adjusted contribution for that financial year for that type of land per hectare.
(5) The Minister must publish the amount of the adjusted contribution for each type of land for the 2011/2012 financial year and each succeeding financial year before 1 June in the financial year immediately preceding that financial year—
(a) in the Government Gazette; and
(b) on the Department's Internet site.
(6) In this section the adjusted contribution for each type of land is—
(a) an amount of growth areas infrastructure contribution fixed by the Minister under section 201SH for that type of land; or
(b) if no amount is fixed under section 201SH, the maximum adjusted growth areas infrastructure contribution calculated in accordance with Part 4 of Schedule 1 for that type of land and approved by the Minister.
S. 201SG(7) amended by No. 11/2017 s. 71.
(7) The Victorian Planning Authority must calculate the maximum adjusted growth areas infrastructure contribution amounts for type A land, type B-1 land, type B-2 land and type C land in accordance with Part 4 of Schedule 1 and submit those calculations to the Minister for approval.
S. 201SGA inserted by No. 66/2016 s. 11.