Summary of changes 2011-12
Legislation: Land Tax Act 1936
Date Issued: 16 June 2011
Information Circulars do not have the force of law.
As part of the 2009-10 Mid-Year Budget Review, the Government announced that from 2011-12 the land tax thresholds would be increased in line with the Valuer-General’s annual assessment of average land value increases in order to provide ongoing relief to taxpayers from bracket creep.
The Land Tax (Miscellaneous) Amendment Act 2010 provides that from and including the 2011-12 financial year, based on figures provided by the Valuer-General, the land tax thresholds are to be indexed by the average percentage change in site values (refer to Information Circular No. 17).
Today the Valuer-General has published a Notice in the Gazette advising that the average percentage change in site values is 5.2% and the corresponding Index Value relevant to the adjustment of land tax thresholds is 1.052. These determinations are made by the Valuer-General having regard to the Valuation of Land Act 1971 and the Land Tax Act 1936.
Accordingly, the Commissioner of State Taxation has today published a Notice in the Gazette setting out the adjusted thresholds relevant to the 2011-12 land tax financial year.
The adjusted thresholds for the 2011-12 financial year are as follows:
|Total taxable site value||Amount of tax|
|$316,001 to $579,000||$0.50 for every $100 or part of $100 above $316,000|
|$579,001 to $842,000||$1,315.00 plus $1.65 for every $100 or part of $100 above $579,000|
|$842,001 to $1,052,000||$5,654.50 plus $2.40 for every $100 or part of $100 above $842,000|
|Over $1,052,000||$10,694.50 plus $3.70 for every $100 or part of $100 above $1,052,000|
View this Information Circular as a PDF (PDF 33KB)