LAND TAX.

No. 16 of 1940.

An act to amend the Land Tax Act 1910–1938.

[Assented to 27th May, 1940.]

[Date of commencement, 24th June, 1940.]

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 and citation.

1.—(1.) This Act may be cited as the Land Tax Act 1940.

(2.) The Land Tax Act 1910–1938 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Land Tax Act 1910–1940.

First and Second Schedules.

2. The First and Second Schedules to the Principal Act are repealed and the following Schedules inserted in their stead:—

“FIRST SCHEDULE.

Rate of Tax when Owner is not an Absentee.

For so much of the taxable value as does not exceed £75,000 the rate of tax per pound shall be One penny and one eighteen thousand seven hundred and fiftieth of one penny where the taxable value is One pound, and shall increase uniformly with each increase of One pound in the taxable value by One eighteen thousand seven hundred and fiftieth of one penny.

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

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.

V = taxable value in pounds.

“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 shall be One penny. For so much of the taxable value as exceeds £5,000 but does not exceed £80,000 the rate of tax per pound shall be Twopence and one eighteen

thousand seven hundred and fiftieth of one penny where the excess is One pound, and shall increase uniformly with each increase of One pound in the taxable value by One eighteen thousand seven hundred and fiftieth of one penny.

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

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.

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

Commencement.

3. The amendments effected by this Act shall apply to all assessments for the financial year beginning on the first day of July, One thousand nine hundred and forty, and for each financial year thereafter.