Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies if a change of circumstances happens in relation to a parcel of land that affects the unimproved value of the land.
(2) The commissioner may redetermine the unimproved value of the parcel as at a date if the unimproved value as at that date is used in calculating the average unimproved value of the land for the year in which the change of circumstances happens.
(3) The commissioner may also redetermine the unimproved value of the parcel as at a later date if a determination of the unimproved value as at that date did not take the change of circumstances into account.
(4) A redetermination under subsection (2) applies to the parcel for the period—
(a) beginning on the day the change of circumstances happened; and
(b) ending on 30 June in the next calendar year.
(5) A redetermination under subsection (3) 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—s (4)
On 1 September 2009, Mungo obtained development approval for an authorised use of Mungo's parcel of land (the change of circumstances ) that increases the unimproved value of the parcel. Before the change of circumstances, the commissioner determined the unimproved value of the land as at 1 January 2007 as $260 000, 1 January 2008 as $280 000 and 1 January 2009 as $300 000.
The average unimproved value (the original AUV ) of the land for the year beginning 1 July 2009 was calculated as—
($260 000 + $280 000 + $300 000)/3=$280 000
After the change of circumstances, the commissioner redetermined the unimproved value of the land as at 1 January 2007 as $320 000, 1 January 2008 as $340 000 and 1 January 2009 as $360 000.
The average unimproved value (the recalculated AUV ) of the land was recalculated as:
($320 000 + $340 000 + $360 000)/3=$340 000
The original AUV applies for the period starting on 1 July 2009 and ending on 31 August 2009, and the recalculated AUV applies for the period starting on 1 September 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).