New South Wales Consolidated Acts

LAND TAX MANAGEMENT ACT 1956 - SECT 62TBC

62TBC Premium rate threshold-2009 land tax year and subsequent land tax years

(1) The premium rate threshold for the 2009 land tax year is $2,250,000.

(2) The premium rate threshold for the 2010 land tax year and any subsequent land tax year is to be calculated in accordance with the following formula:

"T" is the tax threshold for the land tax year for which the premium rate threshold is being calculated, as determined under section 62TBA.
"B" is the tax threshold for the land tax year preceding the land tax year for which the premium rate threshold is being calculated, as determined under section 62TBA.
"P" is the premium rate threshold for the land tax year preceding the land tax year for which the premium rate threshold is being calculated.

(3) A premium rate threshold determined in accordance with this section is to be rounded off to the nearest $1,000 (with an amount of $500 rounded up).

(4) On or before 15 October in each year (commencing with 2009), the Valuer-General is to publish in the Gazette the premium rate threshold for the following land tax year, calculated in accordance with this section.