South Australian Current Acts South Australian Current Acts8A—Calculation of land tax
(1) Subject to
subsection (1a), land tax for land with a taxable value falling within a
threshold set by this section is calculated in accordance with the table in
Schedule 1 Part 2 clause 2 for the 2020/2021
and 2021/2022 financial years and in accordance with the table in
Schedule 1 Part 2 clause 3 for the 2022/2023 financial
year and for each subsequent financial year.
(1a) If land with a
taxable value exceeding $25 000 is owned by a person as trustee of a
trust, land tax for the land is calculated in accordance with the table in
Schedule 1 Part 3 clause 4 for the 2020/2021
and 2021/2022 financial years and in accordance with the table in
Schedule 1 Part 3 clause 5 for the 2022/2023 financial
year and for each subsequent financial year.
(1b)
Subsection (1a) does not apply to—
(a) land
subject to a fixed trust if a written notice of the beneficial interests in
the land is in force under section 12; or
(b) land
subject to a unit trust scheme if a written notice of the unitholdings in the
scheme is in force under section 13; or
(c) land
subject to a discretionary trust if—
(i)
the land is pre-existing trust land (within the meaning
of section 13A); and
(ii)
a written notice of a designated beneficiary of the trust
is in force under section 13A; or
(d) land
subject to an excluded trust; or
(e) land
subject to a public unit trust scheme.
Note—
Other provisions of this Part provide for assessment of land tax in the above
cases in accordance with subsection (1) at the rates set out in
Schedule 1 Part 2.
(1c)
Subsection (1a) does not apply to land that is owned by a corporation if
the corporation is grouped with 1 or more related corporations under
Division 6 and land tax is assessed in accordance with section 13J.
(2) For the 2020/2021
financial year, the thresholds will be as follows:
(2a) An amount
described as an "unadjusted 2010/2011 amount" in the table in
subsection (2) is to be adjusted according to the following formula (to
take into account increases in the site value of land occurring since the
thresholds were last set in relation to the 2010/2011 financial year):
where—
|
"Threshold" "2020" |
represents the adjusted threshold for the 2020/2021 financial year |
|
"Threshold" "1" |
represents the unadjusted 2010/2011 amount |
|
"Index value 2020 |
= Index value 2019 x (1 + average percentage change in site values for the
2020/2021 financial year) |
| |
where "Index value 2019 is the Index value for the 2019/2020 financial year
determined in accordance with this section as in force immediately before the
commencement of this subsection,
"Index value" "2020" is the Index value for the 2020/2021 financial year and
the average percentage change in site values for that financial year is
determined under subsection (4). |
(3) Subject to this
section, for each financial year after the 2020/2021 financial year
("year x"), thresholds A, B and C will be adjusted to take
into account increases in the site value of land according to the following
formula:
where—
|
"Threshold" "year x" |
represents each of the thresholds for the relevant financial year
("year x") |
|
"Threshold" "1" |
represents each of the relevant thresholds set out in subsection (2) for
the 2020/2021 financial year |
|
"Index value" "year x |
= Index value year x-1 x (1 + Avg percentage change in site values year x ) |
|
where "Index value" "year x" is the Index value for the relevant
financial year ("year x") and the average percentage change in
site values for that financial year is determined under subsection (4), and
with the Index value for the 2020/2021 financial year being 1. |
(3a) Subject to this
section, for each financial year after the 2020/2021 financial year,
threshold D will be adjusted in accordance with the following table:
|
Financial year |
Threshold D amount |
|---|---|
|
2021/2022 |
$1 350 000 |
|
2022/2023 |
$2 000 000 |
|
2023/2024 and each subsequent financial year |
$2 000 000 adjusted in accordance with subsection (3b) |
(3b) Subject to this
section, for the 2023/2024 financial year and each subsequent financial
year ("year x"), threshold D will be adjusted to take into account
increases in the site value of land according to the following formula:
where—
|
"Threshold D" "year x" |
represents threshold D for the relevant financial year ("year x") |
|
"Index value" "year x |
= Index value year x-1 x (1 + Avg percentage change in site values year x ) |
|
where "Index value" "year x" is the Index value for the relevant
financial year ("year x") and the average percentage change in
site values for that financial year is determined under subsection (4),
and with the Index value for the 2022/2023 financial year being 1. |
(4) For the purposes
of subsections (2a), (3) and (3b), the average percentage
change in site values for a particular financial year will be determined by
the Valuer-General after the application of the following principles:
(a) in
determining the average percentage change in site values for the financial
year, the Valuer-General will take into account changes in the site value of
land according to valuations applying under the Valuation of Land
Act 1971 with respect to a period of 12 months expiring on a date to
be determined by the Valuer-General, being a date that falls on or before
30 June in the financial year immediately preceding the relevant
financial year;
(b) the
average percentage change in site values must take into account changes in the
site value of residential land and changes in the site value of other land (as
identified by the Valuer-General), with the averaging being undertaken in
accordance with a method determined to be appropriate by the Valuer-General
after taking into account the provisions of this Act and the Valuation of
Land Act 1971 ;
(c) for
the purposes of paragraphs (a) and (b)—
(i)
vacant land zoned for residential purposes will be
treated as residential land and vacant land zoned for any other purpose (other
than primary production) will be treated as other land; and
(ii)
land used for primary production must be excluded.
(4a) If, after
applying subsection (4) to determine the Index value for the
2020/2021 financial year under subsection (2a), the result would be
an Index value for that year that would be less than or equal to the
Index value that applied for the 2019/2020 financial year or a preceding
financial year, the adjusted thresholds for the 2020/2021 financial year
will be taken to be the thresholds that applied for the
2019/2020 financial year.
(5) If, after applying
subsection (4) to determine the Index value for a particular financial
year ("year x") under subsection (3) or (3b), the result would
be an Index value for year x that would be less than or equal to an
Index value that has applied for—
(a) if
the Index value is determined under
subsection (3)—the 2020/2021 financial year or a subsequent
financial year occurring before year x; or
(b) if
the Index value is determined under
subsection (3b)—the 2022/2023 financial year or a subsequent
financial year occurring before year x,
the thresholds for year x will remain unchanged (so as to be equal to the
year x-1 amounts).
(6) On or before
30 June in each year (commencing in 2011), the Valuer-General must
publish by notice in the Gazette—
(a) the
average percentage change in site values for the ensuing financial
year ("year x"); and
(b) the
Index value for the ensuing financial year ("year x ).
(7) The Commissioner
must, on or after the publication of a notice under subsection (6) with
respect to a financial year (the ensuing financial year under
subsection (6)), by notice in the Gazette, publish the thresholds that
will apply with respect to that financial year (being a notice that may be
published before, on or after 1 July in that financial year).
(8) For the purposes
of subsection (7), the thresholds will be rounded to the nearest
$1 000 (with an amount of $500 rounded up).
(9) A notice under
subsection (7) will have effect according to its terms (and be conclusive
in all respects for the purposes of this section).