Land Tax Rating Act 2000

Land Tax Rating Act 2000

An Act to prescribe rates of land tax payable in respect of various classes of land

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1.   Short title

This Act may be cited as the Land Tax Rating Act 2000 .

2.   Commencement

This Act commences on 1 January 2001.

3.   Construction

(1)  This Act is to be read together with the Land Tax Act 2000 .

(2)  Any term used in this Act that is defined in the Land Tax Act 2000 has the same meaning as so defined.

4.   Principal residence land

(1)  In a financial year beginning on 1 July following the commencement of this Act or on 1 July in any subsequent year, the amount of land tax payable in respect of principal residence land is nil.

(2)  If principal residence land is apportioned under section 26, 28, 29 or 30 of the Land Tax Act 2000 , the amount of land tax payable in respect of the apportioned assessed land value in respect of any principal residence land is nil.

5.   Primary production land

(1)  In a financial year beginning on 1 July following the commencement of this Act or on 1 July in any subsequent year, the amount of land tax payable in respect of primary production land is nil.

(2)  If primary production land is apportioned under section 27 of the Land Tax Act 2000 , the amount of land tax payable in respect of the apportioned assessed land value in respect of any primary production land is nil.

5A.   

6.   General land

(1)  In a financial year beginning on 1 July following the commencement of this Act or on 1 July in any subsequent year, the amount of land tax payable in respect of general land is to be calculated in accordance with Schedule 1 according to the assessed land value of that land.

(2)  If principal residence land is apportioned under section 26, 28, 29 or 30 of the Land Tax Act 2000 , the amount of land tax payable in respect of the apportioned assessed land value in respect of any general land is to be calculated in accordance with Schedule 1 according to the apportioned assessed land value of the general land.

(3)  If primary production land is apportioned under section 27 of the Land Tax Act 2000 , the amount of land tax payable in respect of any land apportioned as general land is to be calculated in accordance with Schedule 1 according to the apportioned assessed land value of the general land.

6A.   Foreign investor land tax payable on certain land

[Section 6A Inserted by No. 17 of 2022, s. 4, Applied:01 Jul 2022]

(1)  This section applies to land if foreign investor land tax is payable in respect of the land under the Land Tax Act 2000 .

(2)  In a financial year beginning on 1 July 2022 or on 1 July in any subsequent year, the amount of land tax payable in respect of land to which this section applies is 2% of the assessed land value of the land.

(3)  The amount of land tax payable in respect of land under subsection (2) is in addition to any other amount of land tax payable under the Land Tax Act 2000 in respect of the land.

7.   Amounts rounded up or down

If the amount of land tax payable when converted to cents is not exactly divisible by 10, that amount of land tax is to be –

(a) rounded up to the nearest amount exactly divisible by 10, if the number of cents remaining is more than 5; or

(b) rounded down to the nearest amount exactly divisible by 10, if the number of cents remaining is 5 or less.

8.   Administration of Act

Until provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990  –

(a) the administration of this Act is assigned to the Treasurer; and

(b) the department responsible to the Treasurer in relation to the administration of this Act is the Department of Treasury and Finance.

9.   Miscellaneous amendments

(1)  The Land Tax Act 1996 is repealed.

(2)  The Land Tax Act 1997 is repealed.

SCHEDULE 1 - Rate of land tax

Section 6