50BBTR special land tax—owner of land

50B BTR special land tax—owner of land (1) The amount of BTR special land tax payable by the owner of land is the sum of the amounts of BTR special land tax determined under subsection (2) in respect of each relevant year. S. 50B(2) amended by No. 38/2023 s. 48. (2) The amount of BTR special land tax payable by the owner of land in respect of a relevant year is the amount determined using the formula— SL is the BTR special land tax assessed for the owner of the land in respect of the relevant year; T is the taxable value of the relevant land in the relevant year; t is the number of the tax year in respect of which the BTR special land tax is being determined, calculated from the first year of benefit until the relevant year; BR is the benefit rate of— (a) if the owner of land is an absentee owner and the relevant year is— (i) 2022 or 2023—3⋅275%; or (ii) any year from 2024 to 2033—5⋅325%; or (iii) 2034 or any later year—5⋅275%; or (b) if the owner of land is not an absentee owner and the relevant year is— (i) 2022 or 2023—1⋅275%; or (ii) any year from 2024 to 2033—1⋅325%; or (iii) 2034 or any later year—1⋅275%; IR is the applicable interest rate for the relevant year; yd is the year of default. ***applicable interest rate*** means the sum of— (a) the bond yield for the month of January in the relevant year; and (b) the corporate bond spread as at 31 December in the year preceding the relevant year; ***bond yield*** means the 10-year Australian government bond yield, as published by the Reserve Bank of Australia; ***corporate bond spread*** means the non‑financial corporate BBB-rated bonds—spread to Australian Government Securities—10 year target tenor, as published by the Reserve Bank of Australia; ***first year of benefit*** means the first tax year in which a BTR benefit was applied to the relevant land; ***relevant land*** means the land or part of land which is no longer eligible for the BTR benefits due to a change in circumstances; ***relevant year*** means a tax year that a BTR benefit applied to the relevant land; ***year of default*** means the number of the tax year in which the relevant land ceased to be eligible for the BTR benefits, calculated from the first year of benefit until the year in which there was a change in circumstances. The BTR benefits are first applied to land in the 2027 tax year. The land ceases to be eligible for the BTR benefits in the 2035 tax year. The year of default is year 9. S. 50C inserted by No. 52/2021 s. 58.