Part 5Surcharge rates of land tax for absentee trusts

Part 5—Surcharge rates of land tax for absentee trusts Sch. 1 cl. 5.1 (Heading) amended by No. 40/2016 s. 29(1). Sch. 1 cl. 5.1 amended by No. 40/2016 s. 29(2). 5.1 Rate of land tax on land held by owner subject to an absentee trust for 2016 The rate of land tax for land held by an owner subject to an absentee trust for 2016 is set out in Table 5.1. **Table 5.1** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 2 | 25 000 | 250 000 | $207 and 0⋅875% of the taxable value that exceeds $25 000 | | 3 | 250 000 | 600 000 | $2176 and 1⋅075% of the taxable value that exceeds $250 000 | | 4 | 600 000 | 1 000 000 | $5938 and 1⋅375% of the taxable value that exceeds $600 000 | | 5 | 1 000 000 | 1 800 000 | $11 438 and 1⋅675% of the taxable value that exceeds $1 000 000 | | 6 | 1 800 000 | 3 000 000 | $24 838 and 1⋅2614% of the taxable value that exceeds $1 800 000 | | 7 | 3 000 000 | | $39 975 and 2⋅75% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 5.2 (Heading) amended by No. 17/2019 s. 45(1). Sch. 1 cl. 5.2 inserted by No. 40/2016 s. 30, amended by Nos 66/2016 s. 5, 17/2019 s. 45(2). 5.2 Rate of land tax on land held by owner subject to an absentee trust for 2017, 2018 and 2019 The rate of land tax for land held by an owner subject to an absentee trust for 2017, 2018 and 2019 is set out in Table 5.2. **Table 5.2** | *Item* | *Column 1 Taxable value not less than* | *Column 2 Taxable value less than* | *Column 3 Rate of land tax* | | 2 | 25 000 | 250 000 | $457 and 1⋅875% of the taxable value that exceeds $25 000 | | 3 | 250 000 | 600 000 | $4676 and 2·075% of the taxable value that exceeds $250 000 | | 4 | 600 000 | 1 000 000 | $11 938 and 2⋅375% of the taxable value that exceeds $600 000 | | 5 | 1 000 000 | 1 800 000 | $21 438 and 2⋅675% of the taxable value that exceeds $1 000 000 | | 6 | 1 800 000 | 3 000 000 | $42 838 and 2⋅2614% of the taxable value that exceeds $1 800 000 | | 7 | 3 000 000 | | $69 975 and 3⋅75% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 5.3 (Heading) amended by No. 22/2021 s. 36(1). Sch. 1 cl. 5.3 inserted by No. 17/2019 s. 46, amended by No. 22/2021 s. 36(2). 5.3 Rate of land tax on land held by owner subject to an absentee trust for 2020 and 2021 The rate of land tax for land held by an owner subject to an absentee trust for 2020 and 2021 is set out in Table 5.3. **Table 5.3** | *Item* | *Column 1*<br>*Taxable value not less than* | *Column 2*<br>*Taxable value less than* | *Column 3*<br>*Rate of land tax* | | 2 | 25 000 | 250 000 | $582 and 2⋅375% of the taxable value that exceeds $25 000 | | 3 | 250 000 | 600 000 | $5926 and 2⋅575% of the taxable value that exceeds $250 000 | | 4 | 600 000 | 1 000 000 | $14 938 and 2⋅875% of the taxable value that exceeds $600 000 | | 5 | 1 000 000 | 1 800 000 | $26 438 and 3⋅175% of the taxable value that exceeds $1 000 000 | | 6 | 1 800 000 | 3 000 000 | $51 838 and 2⋅7614% of the taxable value that exceeds $1 800 000 | | 7 | 3 000 000 | | $84 975 and 4⋅25% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 5.4 (Heading) amended by No. 18/2023 s. 40(1). Sch. 1 cl. 5.4 inserted by No. 22/2021 s. 37, amended by No. 18/2023 s. 40(2). 5.4 Rate of land tax on land held by owner subject to an absentee trust for 2022 and 2023 The rate of land tax for land held by an owner subject to an absentee trust for 2022 and 2023 is set out in Table 5.4. **Table 5.4** | *Item* | *Column 1*<br>*Taxable value not less than* | *Column 2*<br>*Taxable value less than* | *Column 3*<br>*Rate of land tax* | | 2 | 25 000 | 250 000 | $582 and 2⋅375% of the taxable value that exceeds $25 000 | | 3 | 250 000 | 600 000 | $5926 and 2⋅575% of the taxable value that exceeds $250 000 | | 4 | 600 000 | 1 000 000 | $14 938 and 2⋅875% of the taxable value that exceeds $600 000 | | 5 | 1 000 000 | 1 800 000 | $26 438 and 3⋅175% of the taxable value that exceeds $1 000 000 | | 6 | 1 800 000 | 3 000 000 | $51 838 and 3⋅0114% of the taxable value that exceeds $1 800 000 | | 7 | 3 000 000 | | $87 975 and 4⋅55% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 5.5 inserted by No. 18/2023 s. 41. 5.5 Rate of land tax on land held by owner subject to an absentee trust for 2024 to 2033 The rate of land tax for land held by an owner subject to an absentee trust for each of the years from 2024 to 2033 is set out in Table 5.5. **Table 5.5** | *Item* | *Column 1*<br>*Taxable value not less than* | *Column 2*<br>*Taxable value less than* | *Column 3*<br>*Rate of land tax* | | 2 | 25 000 | 50 000 | $1082 and 4⋅375% of the taxable value that exceeds $25 000 | | 3 | 50 000 | 100 000 | $2676 and 4⋅375% of the taxable value that exceeds $50 000 | | 4 | 100 000 | 250 000 | $5338 and 4⋅375% of the taxable value that exceeds $100 000 | | 5 | 250 000 | 600 000 | $11 901 and 4⋅675% of the taxable value that exceeds $250 000 | | 6 | 600 000 | 1 000 000 | $28 263 and 4⋅975% of the taxable value that exceeds $600 000 | | 7 | 1 000 000 | 1 800 000 | $48 163 and 5⋅275% of the taxable value that exceeds $1 000 000 | | 8 | 1 800 000 | 3 000 000 | $90 363 and 5⋅1072% of the taxable value that exceeds $1 800 000 | | 9 | 3 000 000 | | $151 650 and 6⋅65% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 5.6 inserted by No. 18/2023 s. 41. 5.6 Rate of land tax on land held by owner subject to an absentee trust for 2034 and subsequent years The rate of land tax for land held by an owner subject to an absentee trust for 2034 and each subsequent year is set out in Table 5.6. **Table 5.6** | *Item* | *Column 1*<br>*Taxable value not less than* | *Column 2*<br>*Taxable value less than* | *Column 3*<br>*Rate of land tax* | | 2 | 25 000 | 250 000 | $1082 and 4⋅375% of the taxable value that exceeds $25 000 | | 3 | 250 000 | 600 000 | $10 926 and 4⋅575% of the taxable value that exceeds $250 000 | | 4 | 600 000 | 1 000 000 | $26 938 and 4⋅875% of the taxable value that exceeds $600 000 | | 5 | 1 000 000 | 1 800 000 | $46 438 and 5⋅175% of the taxable value that exceeds $1 000 000 | | 6 | 1 800 000 | 3 000 000 | $87 838 and 5⋅0114% of the taxable value that exceeds $1 800 000 | | 7 | 3 000 000 | | $147 975 and 6⋅55% of the taxable value that exceeds $3 000 000 | Sch. 1 cl. 5.7 inserted by No. 38/2023 s. 45. 5.7 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 5.6— (a) section 37(3), if the owner of land would otherwise be subject to land tax at the rate set out in Table 5.5; (b) section 46IE(3)(b), if there is a nomination under section 46H in force; (c) section 46IE(4) for the variable R2, if there is a nomination under section 46H in force; (d) section 46IF(2)(b). Sch. 1 Pt 6 (Heading and cls 6.1, 6.2) inserted by No. 38/2023 s. 46.