LAND TAX.

No. 21 of 1910.

An Act to impose a Progressive Land Tax upon Unimproved Values.

[Assented to 16th November, 1910.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Land Tax Act 1910.

Incorporation.

2. The Land Tax Assessment Act 1910 shall be incorporated and read as one with this Act.

Imposition of land tax.

3. Land tax is imposed at the rates declared in this Act.

Rate of land tax.

4.—(1.) The rate of the land tax, when the owner is not an absentee, shall be as set out in the First Schedule to this Act.

(2.) The rate of the tax, when the owner is an absentee, shall be as set out in the Second Schedule to this Act.

Levy of land tax.

5. Land tax shall be levied in and for the financial year beginning on the first day of July, One thousand nine hundred and ten, and each financial year thereafter.

SCHEDULES.

FIRST SCHEDULE.

Rate of Tax when Owner is not an Absentee.

For 30 much of the taxable value as does not exceed £75,001, the rate of tax per pound sterling shall be One penny where the taxable value is One pound sterling, and shall increase uniformly with each increase of One pound sterling in the taxable value, in such manner that—

the increment of tax between a taxable value of £15,000 and a taxable value of £15,001 shall be Twopence;

the increment of tax between a taxable value of £30,000 and a taxable value of £30,001 shall be Threepence;

the increment of tax between a taxable value of £45,000 and a taxable value of £45,001 shall be Fourpence;

the increment of tax between a taxable value of £60,000 and a taxable value of £60,001 shall be Fivepence; and

the increment of tax between a taxable value of £75,000 and a taxable value of £75,001 shall be Sixpence.

For every pound sterling of taxable value in excess of £75,000 the rate of tax shall be Sixpence.

The rate of tax for so much of the taxable value as does not exceed £75,000 may be calculated from the following formula:—

R = rate of tax in pence per pound sterling.

V = taxable value in pounds sterling.

SECOND SCHEDULE.

Rate of Tax when Owner is an Absentee.

For so much of the taxable value as does not exceed £5,000, the rate of tax per pound sterling shall be One penny.

For so much of the taxable value as exceeds £5,000, but does not exceed £80,001, the rate of tax per pound sterling shall be Twopence where the excess is One pound sterling, and shall increase uniformly with each increase of One pound sterling in the taxable value in such manner that—

the increment of tax between a taxable value of £20,000 and a taxable value of £20,001 shall be Threepence;

the increment of tax between a taxable value of £35,000 and a taxable value of £35,001 shall be Fourpence;

the increment of tax between a taxable value of £50,000 and a taxable value of £50,001 shall be Fivepence;

the increment of tax between a taxable value of £65,000 and a taxable value of £65,001 shall be Sixpence; and

the increment of tax between a taxable value of £80,000 and a taxable value of £80,001 shall be Sevenpence.

For every pound sterling of taxable value in excess of £80,000 the rate of tax shall be Sevenpence.

The rate of tax for so much of the taxable value as exceeds £5,000, and does not exceed £80,000, may be calculated from the following formula:—

R = rate of tax in pence per pound sterling.

Ε = excess of taxable value over £5,000, in pounds sterling.