The land tax reforms outlined by the treasurer will be good news for thousands of Australians, it has been said.
The package of land tax reforms outlined by South Australian treasurer Kevin Foley will relieve the burden of more than 100,000 mum and dad Australian property investors, it has been suggested.
Legislation brought to parliament last month will cut the number of South Australians liable to pay any land tax in the next financial year by two-thirds, the Property Council of Australia has pointed out.
It said the move by the treasurer demonstrates awareness of the economic impact of land tax on those buying houses in South Australia.
There will be "significant benefits" to investors such as small businesses and mums and dads, the body stated.
Under the land tax (miscellaneous) amendment bill 2010, the threshold for the levy will be increased from AUS$110,000 (£64,000) to AUS$300,000 at the start of next month.
Furthermore, those liable for land tax will receive up to AUS$1,245 in relief and a policy to increase all thresholds by the average movement in land values will be introduced.
Posted by David McElwain
The package of land tax reforms outlined by South Australian treasurer Kevin Foley will relieve the burden of more than 100,000 mum and dad Australian property investors, it has been suggested.
Legislation brought to parliament last month will cut the number of South Australians liable to pay any land tax in the next financial year by two-thirds, the Property Council of Australia has pointed out.
It said the move by the treasurer demonstrates awareness of the economic impact of land tax on those buying houses in South Australia.
There will be "significant benefits" to investors such as small businesses and mums and dads, the body stated.
Under the land tax (miscellaneous) amendment bill 2010, the threshold for the levy will be increased from AUS$110,000 (£64,000) to AUS$300,000 at the start of next month.
Furthermore, those liable for land tax will receive up to AUS$1,245 in relief and a policy to increase all thresholds by the average movement in land values will be introduced.
Posted by David McElwain
