118 Transitional provisions Schedule 3, which contains transitional provisions, has effect. Sections 35(1), 36(3), 37(3) Part 1—General rates of land tax 1.1 Land tax for The rate of land tax for 2006 is set out in Table 1.1. Sch. 1 cl. 1.1 TABLE 1.1 (Table 1.1) Column 1 Column 2 amended by No. 22/2007 Taxable Taxable s. 7(1)(a). value not value less Column 3 Item less than than Rate of land tax $ $ 1. 0 200 000 Nil 2. 200 000 540 000 $200 and 02% of the taxable value that exceeds $200 000 3. 540 000 900 000 $880 and 05% of the taxable value that exceeds $540 000 4. 900 000 1 190 000 $2680 and 1% of the taxable value that exceeds $900 000 5. 1 190 000 1 620 000 $5580 and 15% of the taxable value that exceeds $1 190 000 6. 1 620 000 2 700 000 $12 030 and 225% of the taxable value that exceeds $1 620 000
118 Transitional provisions Schedule 3, which contains transitional provisions, has effect. Sections 35(1), 36(3), 37(3) Part 1—General rates of land tax 1.1 Land tax for The rate of land tax for 2006 is set out in Table 1.1. Sch. 1 cl. 1.1 (Table 1.1) amended by No. 22/2007 s. 7(1)(a). TABLE 1.1 Item Column 1 Taxable value not less than Column 2 Taxable value less than Column 3 Rate of land tax $ $ 1. 0 200 000 Nil 2. 200 000 540 000 $200 and 02% of the taxable value that exceeds $200 000 3. 540 000 900 000 $880 and 05% of the taxable value that exceeds $540 000 4. 900 000 1 190 000 $2680 and 1% of the taxable value that exceeds $900 000 5. 1 190 000 1 620 000 $5580 and 15% of the taxable value that exceeds $1 190 000 6. 1 620 000 2 700 000 $12 030 and 225% of the taxable value that exceeds $1 620 000
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