|Financial year||Type A land (per hectare)||Type B-1 & B-2 land (per hectare)||Type C land (per hectare)||Interest on deferred GAIC||Building works threshold|
The initial rate of $80,000 per hectare is consistent with the previous contribution announced in A Plan for Melbourne's Growth Areas in November 2005. The rate of $95,000 for type B-1, B-2 and C land was derived from this figure, adjusted by an indexation amount for the period between November 2005 and the date of proposed introduction of the GAIC in 2010.
From the 2012-13 financial year onwards, the GAIC rates are indexed annually on based on the consumer price index. The indexed GAIC amount for each financial year will be published by 1 June of the preceding financial year in the Government Gazette. They are available on the Department of Environment, Land, Water and Planning website.
Interest on deferred GAIC
The interest payable on a deferred GAIC is calculated on a daily basis at the 10-year bond rate.
This rate is the average of the daily yields for the 10-year Treasury Corporation of Victoria (TCV) bond for the month of May in the financial year preceding the financial year in which the day occurs (for example, average daily yields for May 2012 is the rate to be used for the 2012-13 financial year).
Building works threshold
Building works on land within the contribution are below the statutory threshold are an excluded event. This threshold is indexed each subsequent financial year using the consumer price index (CPI).