Land Tax Amendment Bill 2002 (Qld)

Queensland

LAND TAX AMENDMENT BILL 2002

Queensland

LAND TAX AMENDMENT BILL 2002

TABLE OF PROVISIONS

Section Page 1 Short title. 2... eee eens 4 2 Commencement. ......... 0... eee eee eee eee eens 4 3 Act amended ...... 0... 00. ec cee eens 4 4 Replacement of ss 9AA-9AB .. 2... eee eee ee 4

9A Rebates... 0. cee eee eee ee 4 5 Amendment of s 13 (Land exempted from tax) .................0000. 5 6 Amendment of s 16 (Taxpayer to furnish returns) .................00. 5 7 Amendment of s 62 (Application of certain amendments).............. 5

A BILL FOR

An Act to amend the Land Tax Act 1915

Clause

Clause

Clause

Clause

sl 4 s4 Land Tax Amendment Bill 2002

The Parliament of Queensland enacts—

1 Short title This Act may be cited as the Land Tax Amendment Act 2002.

2 Commencement

This Act is taken to have commenced on 1 July 2002.

3. Act amended This Act amends the Land Tax Act 1915.

4 Replacement of ss 9AA-9AB Sections 9AA to 9AB— omit, insert—

'9A Rebates

"(1) A taxpayer, other than a prescribed taxpayer, is entitled to a rebate of the tax assessed to be payable by the taxpayer for a financial year of an amount equal to 15% of the tax.

'(2) A prescribed taxpayer is entitled to a rebate of the tax assessed to be payable by the taxpayer for a financial year if the amount of the taxable value is $150 000 or more but less than $215 000.

'(3) The amount of the rebate mentioned in subsection (2) is the amount equal to 36% of the tax less 0.5% for each $1 000 that the taxable value is more than $150 000.

'(4) In this section— "prescribed taxpayer' means a taxpayer who is— (a) an individual in the capacity of trustee; or

(b) a company or absentee, whether or not in the capacity of trustee.'.

SCOmWMW AND FPWN KF CO