Are land tax reforms on the way?
Are land tax reforms on the way?
Posted on Monday, March 03 2014 at 3:06 PM
South Australian Liberal Leader Steven Marshall has announced a commitment to change the state’s land tax rules if he’s made Premier.
With the election scheduled for March 15, Marshall is confirming his
plan to reform the tax.
“The State Liberals understand that land tax is a huge cost burden on
families and businesses.”
The party’s pledge includes increasing the base land tax threshold to
$400,000 from the current $316,000 level, and reducing the top land tax rate to
three per cent from its present 3.7 per cent.
If elected as Premier later this month, Marshall says the changes will
come in as part of the 2016/17 budget at a cost of $53 million.
The Liberal party says under its policy, 16,000 land taxpayers will no
longer have to pay land tax in that budgetary year.
The party has analysed the annual savings for households and businesses under
the measures to be at least $420 for holders of more than $400,000 worth of
taxable land.
They also believe there will be a cost reduction of at least $7000 for
holders of more than $2 million worth of taxable land.
Marshall says land tax has flow on effects to most members of the
community.
“Land tax isn’t only paid directly by property owners, but is also
passed on to commercial and residential renters, which hurts self-funded
retirees, investors and low to middle income renters.
“Land tax reform is crucial if South Australia is to be a competitive
place to live and do business.”
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