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Thursday, 29 September 1927

The budget estimate for land tax is £2,170,000 being £445,900 less than the collections last year. The Government proposes to amend the law to provide for the following concessions: -

(1)   Reduction of tax by 10 per cent.

(2)   Individual shareholding interests in land which do not aggregate £500 to be exempted from the land tax.

(3)   Where returns from land used for primary production have been impaired seriously by drought or other adverse conditions, provision will be made for a relief board to release the taxpayer wholly or in part from liability for land tax in respect of that land.

(4)   At present a taxpayer after paying his land tax, may be called upon to pay an additional tax as the result of a check valuation of the land owned by the taxpayer, such valuation to be made by the department within two years. It is proposed to abolish the practice of issuing such retrospective assessments.

(5)   It is also proposed that assessments of land tax shall be divided into triennial periods, and that the value at which any land or interest in land shall have been included in the assessment of the year which is the first year of a triennial period shall, subject to certain necessary provisionsto meet special circumstances, not be increased during the currency of that triennial period.

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