Levy of land tax after 31 December 1987
3AC Levy of land tax after 31 December 1987
Except as provided by subsection (2), in respect of the taxable value of all the land owned by any person at midnight on 31 December 1987 there shall be charged, levied, collected and paid under the provisions of the Principal Act and in the manner therein prescribed, land tax for the period of 12 months commencing on 1 January in the next succeeding year and at the rates set out in Schedule 4.
In respect of the taxable value of all the land owned by a person at midnight on 31 December 1987 where—
the owner is a company classified under section 29 of the Principal Act as a non-concessional company, or
the land is subject to a special trust,
land tax for the period of 12 months commencing on 1 January in the next succeeding year shall, except as provided by section 27 (2A) of the Principal Act, be charged, levied, collected and paid as referred to in subsection (1) at the rate of 2 cents for each $1 of the taxable value.
Where the total amount of land tax payable pursuant to this section by any person in any year would, but for this subsection, be less than $100, no land tax shall be payable.
(Repealed)
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