The Revenue Legislation (Tax Reform) Amendment Bill 2013 (ACT) has passed all stages of the ACT Legislative Assembly without amendment and awaits notification.
The Bill amends the Land Tax Act 2004 (ACT) and the Rates Act 2004 (ACT) to implement parts of the first tranche of the Territory’s 20-year tax reform plan announced in the 2012-13 ACT Budget. The ACT Treasurer said all of the reforms contained in the first tranche (the 5-year plan) have been implemented or have commenced.
However, the Bill gives legal effect to parts of the first tranche – namely:
(i) to abolish commercial land tax;
(ii) to remove all references to the tax-free threshold in the calculation of general rates and the fire and emergency services levy; and
(iii) to allow non-pensioners, who meet the age, asset, income and equity tests, to access the rates deferral scheme.
[LTN 95, 20/5/13]