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REVENUE LAWS AMENDMENT (TAXATION) ACT 2009 (NO. 19 OF 2009) - SECT 15

REVENUE LAWS AMENDMENT (TAXATION) ACT 2009 (NO. 19 OF 2009) - SECT 15

15 .         Section 5 amended

                In section 5:

            (a)         delete “unimproved value of the land.” and insert:



                value of the land referred to in the table.



            (b)         in Table 7 delete “ and subsequent financial years ”;

            (c)         after Table 7 insert:



Table 8: Land tax rates for 2009/10 and subsequent financial years

Taxable value of the land

Rate of land tax

Exceeding ($)

Not exceeding ($)

0

300 000

Nil

300 000

1 000 000

0.09 cent for each $1 in excess of $300 000

1 000 000

2 200 000

$630 + 0.47 cent for each $1 in excess of $1 000 000

2 200 000

5 500 000

$6 270 + 1.22 cents for each $1 in excess of $2 200 000

5 500 000

11 000 000

$46 530 + 1.46 cents for each $1 in excess of $5 500 000

11 000 000



$126 830 + 2.16 cents for each $1 in excess of $11 000 000