119Repeal of sections on 1 January 2034

119 Repeal of sections on 1 January 2034 The following sections are **repealed** on 1 January 2034— (a) section 38(7); (b) section 46B(8) and (9); (c) section 46C(7) and (8); (d) section 46IB(7); (e) section 46IC(7). Schedules Schedule 1—Land tax rates Sections 35(1), 36(3), 37(3) Part 1—General rates of land tax 1.1 Land tax for 2006 The rate of land tax for 2006 is set out in Table 1.1. Sch. 1 cl. 1.1 (Table 1.1) amended by No. 22/2007 s. 7(1)(a). **Table 1.1** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 4. | 900 000 | 1 190 000 | $2680 and 1% of the taxable value that exceeds $900 000 | | 5. | 1 190 000 | 1 620 000 | $5580 and 1⋅5% of the taxable value that exceeds $1 190 000 | | 6. | 1 620 000 | 2 700 000 | $12 030 and 2⋅25% of the taxable value that exceeds $1 620 000 | | 7. | 2 700 000 | | $36 330 and 3⋅5% of the taxable value that exceeds $2 700 000 | Clause 5 of Schedule 3 has transitional provisions capping certain land tax increases in 2006. Sch. 1 cl. 1.2 (Heading) amended by No. 22/2007 s. 7(1)(b). Sch. 1 cl. 1.2 substituted by No. 38/2006 s. 8(1), amended by No. 22/2007 s. 7(1)(c). 1.2 Land tax for 2007 The rate of land tax for 2007 is set out in Table 1.2. Sch. 1 cl. 1.2 (Table 1.2) amended by No. 22/2007 s. 7(1)(d). **Table 1.2** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 4. | 900 000 | 1 190 000 | $2680 and 0⋅8% of the taxable value that exceeds $900 000 | | 5. | 1 190 000 | 1 620 000 | $5000 and 1⋅2% of the taxable value that exceeds $1 190 000 | | 6. | 1 620 000 | 2 700 000 | $10 160 and 1⋅8% of the taxable value that exceeds $1 620 000 | | 7. | 2 700 000 | | $29 600 and 3% of the taxable value that exceeds $2 700 000 | Sch. 1 cl. 1.3 (Heading) amended by No. 31/2008 s. 19(1)(a). Sch. 1 cl. 1.3 repealed by No. 38/2006 s. 8(2), new Sch. 1 cl. 1.3 inserted by No. 22/2007 s. 7(2), amended by No. 31/2008 s. 19(1)(b). 1.3 Land tax for 2008 The rate of land tax for 2008 is set out in Table 1.3. **Table 1.3** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 1 | 0 | 225 000 | Nil | | 2 | 225 000 | 540 000 | $250 and 0⋅2% of the taxable value that exceeds $225 000 | | 3 | 540 000 | 900 000 | $880 and 0⋅5% of the taxable value that exceeds $540 000 | | 4 | 900 000 | 1 620 000 | $2680 and 0⋅8% of the taxable value that exceeds $900 000 | | 5 | 1 620 000 | 2 700 000 | $8440 and 1⋅3% of the taxable value that exceeds $1 620 000 | | 6 | 2 700 000 | | $22 480 and 2⋅5% of the taxable value that exceeds $2 700 000 | Sch. 1 cl. 1.4 (Heading) amended by No. 22/2021 s. 30(1). Sch. 1 cl. 1.4 inserted by No. 31/2008 s. 19(2), amended by No. 22/2021 s. 30(2). 1.4 Land tax for 2009 to 2021 The rate of land tax for each of the years from 2009 to 2021 is set out in Table 1.4. **Table 1.4** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 2 | 250 000 | 600 000 | $275 and 0⋅2% of the taxable value that exceeds $250 000 | | 5 | 1 800 000 | 3 000 000 | $9375 and 1⋅3% of the taxable value that exceeds $1 800 000 | | 6 | 3 000 000 | | $24 975 and 2⋅25% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 1.5 (Heading) amended by No. 18/2023 s. 34(1). Sch. 1 cl. 1.5 inserted by No. 22/2021 s. 31, amended by No. 18/2023 s. 34(2). 1.5 Land tax for 2022, 2023 and 2034 and subsequent years The rate of land tax for 2022, 2023 and 2034 and each subsequent year is set out in Table 1.5. **Table 1.5** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 1 | 0 | 300 000 | Nil | | 2 | 300 000 | 600 000 | $375 and 0⋅2% of the taxable value that exceeds $300 000 | | 5 | 1 800 000 | 3 000 000 | $9375 and 1⋅55% of the taxable value that exceeds $1 800 000 | | 6 | 3 000 000 | | $27 975 and 2⋅55% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 1.6 inserted by No. 18/2023 s. 35. 1.6 Land tax for 2024 to 2033 The rate of land tax for each of the years from 2024 to 2033 is set out in Table 1.6. **Table 1.6** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 3 | 100 000 | 300 000 | $975 | | 4 | 300 000 | 600 000 | $1350 and 0⋅3% of the taxable value that exceeds $300 000 | | 5 | 600 000 | 1 000 000 | $2250 and 0⋅6% of the taxable value that exceeds $600 000 | | 6 | 1 000 000 | 1 800 000 | $4650 and 0⋅9% of the taxable value that exceeds $1 000 000 | | 7 | 1 800 000 | 3 000 000 | $11 850 and 1⋅65% of the taxable value that exceeds $1 800 000 | | 8 | 3 000 000 | | $31 650 and 2⋅65% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 1.7 inserted by No. 38/2023 s. 42. 1.7 Rate of land tax for land assessed under certain sections for 2024 to 2033 Despite anything to the contrary in this Schedule, the rate of land tax assessed under the following sections for each of the years from 2024 to 2033 is the rate set out in Table 1.5— (a) section 37(3), if the owner of land would otherwise be subject to land tax at the rate set out in Table 1.6; (b) section 46G(3)(a), if there is a nomination under section 46H in force; (c) section 46G(4) for the variable **R1**, if there is a nomination under section 46H in force; (d) section 46I(2); (e) section 46IF(2A)(a).