Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies if an error was made in relation to a determination of the unimproved value of a parcel of land as at a particular date.
(2) The commissioner may redetermine the unimproved value of the parcel as at that date.
(3) The redetermination applies to the parcel for the period—
(a) beginning on 1 July in the calendar year in which the relevant date when the redetermination is made falls; and
(b) ending on 30 June in the next calendar year.
Example
A clerical error was made in relation to the determination of Branko's parcel of land as at 1 January 2009, resulting in the unimproved value of the land being incorrectly determined as $220 000. The unimproved value of parcel was correctly determined as at 1 January 2007 as $230 000 and 1 January 2008 as $240 000.
The average unimproved value of the land for the year beginning 1 July 2009 was calculated as—
($230 000 + $240 000 + $220 000)/3=$230 000
After the clerical error was corrected, the unimproved value of the parcel was correctly redetermined as at 1 January 2009 as $250 000.
The average unimproved value of the land was recalculated as (the "recalculated AUV")—
($230 000 + $240 000 + $250 000)/3=$240 000
The recalculated AUV applies for the period starting on 1 July 2009 and ending on 30 June 2010.
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(4) In this section:
"error", in relation to a determination, includes—
(a) an error in making a valuation on which the determination is based; and
(b) the duplication of an error in relation to an earlier determination.