Land Tax Rating Amendment (Foreign Investors) Act 2022
An Act to amend the Land Tax Rating Act 2000
[Royal Assent 16 June 2022]
This Act may be cited as the Land Tax Rating Amendment (Foreign Investors) Act 2022 .
This Act commences on 1 July 2022.
In this Act, the Land Tax Rating Act 2000 is referred to as the Principal Act.
4. Section 6A inserted
After section 6 of the Principal Act , the following section is inserted:(1) This section applies to land if foreign investor land tax is payable in respect of the land under the Land Tax Act 2000 .(2) In a financial year beginning on 1 July 2022 or on 1 July in any subsequent year, the amount of land tax payable in respect of land to which this section applies is 2% of the assessed land value of the land.(3) The amount of land tax payable in respect of land under subsection (2) is in addition to any other amount of land tax payable under the Land Tax Act 2000 in respect of the land.
This Act is repealed on the first anniversary of the day on which this Act commenced.
[Second reading presentation speech made in:
House of Assembly on 24 MAY 2022
Legislative Council on 1 JUNE 2022]