sec.275Amount of offset

### sec.275 Amount of offset The amount of the offset for each year to which it applies is the 2011 unimproved-site value difference for the land, divided by 13, and multiplied by the following— for the year to which the valuation effective on 30 June 2011 applies—12; for the year to which the valuation effective on 30 June 2012 applies—11; for the year to which the valuation effective on 30 June 2013 applies—10; for the year to which the valuation effective on 30 June 2014 applies—9; for the year to which the valuation effective on 30 June 2015 applies—8; for the year to which the valuation effective on 30 June 2016 applies—7; for the year to which the valuation effective on 30 June 2017 applies—6; for the year to which the valuation effective on 30 June 2018 applies—5; for the year to which the valuation effective on 30 June 2019 applies—4; for the year to which the valuation effective on 30 June 2020 applies—3; for the year to which the valuation effective on 30 June 2021 applies—2; for the year to which the valuation effective on 30 June 2022 applies—1. A owns particular non-rural land on the 2011 valuation-making day and continues to own it at all relevant times. Immediately before the 2011 valuation-making day, the land’s unimproved value was $600,000 and its site value on the 2011 valuation-making day is $9m. The amount of the offset is as follows— Date of effect of annual valuation Calculation Amount of offset 30 June 2011 $7,753,846.15 30 June 2012 $7,107,692.31 30 June 2013 $6,461,538.46 30 June 2014 $5,815,384.62 30 June 2015 $5,169,230.77 30 June 2016 $4,523,076.92 30 June 2017 $3,876,923.08 30 June 2018 $3,230,769.23 30 June 2019 $2,584,615.38 30 June 2020 $1,938,461.54 30 June 2021 $1,292,307.69 30 June 2022 $646,153.85 30 June 2023 nil no offset - (a) for the year to which the valuation effective on 30 June 2011 applies—12; - (b) for the year to which the valuation effective on 30 June 2012 applies—11; - (c) for the year to which the valuation effective on 30 June 2013 applies—10; - (d) for the year to which the valuation effective on 30 June 2014 applies—9; - (e) for the year to which the valuation effective on 30 June 2015 applies—8; - (f) for the year to which the valuation effective on 30 June 2016 applies—7; - (g) for the year to which the valuation effective on 30 June 2017 applies—6; - (h) for the year to which the valuation effective on 30 June 2018 applies—5; - (i) for the year to which the valuation effective on 30 June 2019 applies—4; - (j) for the year to which the valuation effective on 30 June 2020 applies—3; - (k) for the year to which the valuation effective on 30 June 2021 applies—2; - (l) for the year to which the valuation effective on 30 June 2022 applies—1.