Land Tax Act 1956 (NSW)

Land Tax Act 1956 No 27

An Act to impose a land tax upon the taxable values of certain lands; and for purposes connected therewith.

1 Name of Act and construction This Act may be cited as the Land Tax Act 1956 and shall be read and construed with the Land Tax Management Act 1956, in this Act hereinafter referred to as the Principal Act.

2 Commencement This Act commences upon the first day of November, one thousand nine hundred and fifty-six.

2A Definitions In this Act— foreign person has the same meaning as in Chapter 2A of the Duties Act 1997. non-concessional company means a company classified as a non-concessional company under section 29 of the Principal Act. premium rate threshold, in relation to a land tax year, means the premium rate threshold for that land tax year as determined in accordance with the Principal Act, Part 7, Division 4. residential land has the same meaning as in Chapter 2A of the Duties Act 1997. retirement visa holder has the same meaning as in Chapter 2A of the Duties Act 1997. surcharge land tax—see section 5A. tax threshold means— (a) in relation to a land tax year before the 2005 land tax year—the tax threshold determined in accordance with section 62TB of the Principal Act, as in force immediately before the repeal of the section, and (b) in relation to the 2006 land tax year or any subsequent land tax year—the tax threshold determined in accordance with the Principal Act, Part 7, Division 4.

3 Levy of land tax (1) Except as provided by subsection (1A), in respect of the taxable value of all the land owned by any person at midnight on the thirty-first day of December in any year from 1973 to 1983, both inclusive, there shall be charged, levied, collected and paid under the provisions of the Principal Act and in the manner therein prescribed, land tax for the period of twelve months commencing on the first day of January in the next succeeding year and at the respective rates set out in Schedule 1. (1A) In respect of the taxable value of all the land owned at midnight on 31 December 1983 by a company classified under section 29 of the Principal Act as a non-concessional company, land tax for the period of 12 months commencing on 1 January in the next succeeding year shall, except as provided by section 27 (2A) of the Principal Act, be charged, levied, collected and paid as referred to in subsection (1) at the rate of 2.4 cents for each $1 of the taxable value. (1B) (Repealed) (2) Where the total amount of land tax payable pursuant to this section by any person in any year would, but for this subsection, be less than $50, no land tax shall be payable. (3) (Repealed)