2002
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)
(Treasurer)
Rates and Land Tax Amendment Bill 2002

Contents
	Page
	1	Name of Act	2
	2	Commencement	2
	3	Act amended	2
	4	Imposition
Section 13 (1)	2
	5	New section 13A	2
	6	Imposition and assessment of rates—certain parcels of land in city area
Section 22GM (2)	3
	7	Section 22GM (2)	3
	8	Section 22GM (4)	4
	9	New section 22GMA	4
	10	Imposition and assessment of land tax
Section 22GN (2) (b)	5
	11	Section 22GN (2)	5
	12	New section 25	5

2002
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)
(Treasurer)
Rates and Land Tax Amendment Bill 2002

A Bill for
An Act to amend the Rates and Land Tax Act 1926 

    

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1	Name of Act
This Act is the Rates and Land Tax Amendment Act 2002.
2	Commencement
This Act commences on 1 July 2002.
Note	The naming and commencement provisions automatically commence on the notification day (see Legislation Act 2001, s 75).
3	Act amended
This Act amends the Rates and Land Tax Act 1926.
4	Imposition
Section 13 (1)
omit
the operation of section 24A
substitute
sections 24A (Unit subdivisions) and 25 (Unit subdivisions—interim rating system 2002-2003)
5	New section 13A
insert
13A	Imposition—interim rating system 2002-2003
	(1)	Section 13 does not apply in relation to the year beginning 1 July 2002.
	(2)	For the year beginning 1 July 2002, rates are imposed for a parcel of rateable land in accordance with the formula:
R  1.029.
	(3)	In this section:
R means the rates that would, apart from subsection (1), be imposed under section 13 for the parcel of land if the average unimproved value of the parcel of land were taken to be the average unimproved value of the parcel for the year beginning 1 July 2001.
	(4)	This section is subject to sections 24A and 25.
	(5)	This section expires on 1 July 2003.
	(6)	The Legislation Act 2001, section 88 (Repeal does not end transitional or validating effect etc) applies to this section.
6	Imposition and assessment of rates—certain parcels of land in city area
Section 22GM (2)
omit
following subsection
substitute
following subsections
7	Section 22GM (2)
omit everything after
the following formula:
substitute
.
	(3A)	In this section:
AUV means the average unimproved value of the parcel of land.
NRP means the percentage of the development or intended development that is to be used for non-residential purposes, being the percentage specified in a determination, or the latest of 2 or more determinations, under section 22GL.
RP means the percentage, as so specified, of the intended development that is to be used for residential purposes.’.
8	Section 22GM (4)
omit
section 22GM
substitute
section 22GM or 22GMA
9	New section 22GMA 
insert
22GMA	Certain parcels of land in city area—interim rating system 2002-2003
	(1)	Section 22GM (2) does not apply in relation to the year beginning 1 July 2002.
	(2)	This section applies to a parcel of land if—
	(a)	it is a qualifying parcel of land in the city area; and
	(b)	the average unimproved value of the parcel of land for the year beginning 1 July 2001 was greater than $19 000.
	(3)	For the year beginning 1 July 2002, rates are imposed for the parcel of rateable land in accordance with the formula:
R  1.029.
	(4)	In this section:
R means the rates that would, apart from subsection (1), be imposed for the parcel of land under section 13, as applied by section 22GM (2), if the average unimproved value of the parcel of land were taken to be the average unimproved value of the parcel for the year beginning 1 July 2001.
	(5)	This section expires on 1 July 2003.
	(6)	The Legislation Act 2001, section 88 (Repeal does not end transitional or validating effect etc) applies to this section.
10	Imposition and assessment of land tax
Section 22GN (2) (b)
omit
following subsection
substitute
following subsections
11	Section 22GN (2)
omit everything after
the following formula:
substitute
AUV  NRP.
	(3AB)	In this section:
AUV means the average unimproved value of the parcel of land.
NRP means the percentage of the development or intended development that is to be used for non-residential purposes, being the percentage specified in a determination, or the latest of 2 or more determinations, under section 22GL.’. 
12	New section 25
insert
25	Unit subdivisions—interim rating system 2002-2003
	(1)	This section applies to a parcel of land to which section 24A would, apart from subsection (2), apply.
	(2)	Section 24A (3A) does not apply in relation to the year beginning 1 July 2002.
	(3)	For the year beginning 1 July 2002, rates are imposed for a unit that is part of a parcel of land subdivided into units and common property in accordance with the formula:
R  1.029.
	(4)	In this section:
R means the rates that would, apart from subsection (2), be imposed under section 13, as applied by section 24A (3A), if the average unimproved value of the parcel of land were taken to be the average unimproved value of the parcel for the year beginning 1 July 2001.
	(5)	This section expires on 1 July 2003.
	(6)	The Legislation Act 2001, section 88 (Repeal does not end transitional or validating effect etc) applies to this section.

Endnote
Republications of amended laws
	For the latest republication of amended laws, see www.legislation.act.gov.au.

© Australian Capital Territory 2002