Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 13 December 1927

Senator McLACHLAN (South Australia) (Honorary Minister) . - There seems to be some misunderstanding as to the effect of these proposals. Triennial valuations are now made; but, unfortunately, they do not synchronize over the whole of the Commonwealth. It is impossible to administer the . existing legislation without creating considerable irritation amongst taxpayers unless some fixed period, such as that outlined in the bill, is adopted. It is now proposed to adopt a triennial period of valuation commencing from the 1st July, 1927. An assessment, when made, will remain in force for three years. Clause 12 proposes two amendments to the principal act. The proposed new section 20 (4) which reads -

Whenever therehas been a changeof ownership of the whole or part of an area of land or of an interest in an area of land, the Commissioner may, for the purpose of the assessments of the remaining years comprising the triennial period during which the change of ownership took place, cause the value of the area or interest or of the respective parts into which it has been divided to be altered was thought necessary in the interests of the revenue. The proposed new section 21 provides for the. alteration of assessments. While it is true that income-tax assessments may be altered, I point out that incomes vary each year, whereas there should not -be much fluctuation in land values during a period of three years.

Senator Needham - But there is.

Senator McLACHLAN - Even so, I point out that those fluctuations operate both ways. When land values are rising the Commissioner may lose revenue; but when land values are falling - and that is not impossible in Australia - the Commissioner will benefit. Triennial periods of land valuation are not new to Australia. They have been in operation in South Australia since 1884, and I believe also in some of the other States.

Suggest corrections