March 10, 2019 by admin
There will be no relief from land tax in next week’s state budget, Premier Newman says.Premier Campbell Newman acknowledges Queensland land tax has increased too much in the past five years, but says there will be no relief in next week’s state budget.
Addressing a Property Council of Australia luncheon today, Mr Newman said the government could not provide relief on Queensland’s land tax surcharge when the state needed to borrow the equivalent of 20 per cent – $10 billion – of its annual turnover.
However, he remained coy when asked about the possible extension of stamp duty concessions to Queenslanders buying house and land packages, saying that was a matter for Treasurer Tim Nicholls.
“A whole range of government taxes, particularly the land tax, have gone up far too much in the last four or five years,” Mr Newman told the gathering of developers.
“There will be no relief on land tax, but what I can promise you though is that the days of all these taxes doing that, you know sort of zooming up like that, are over.
“We’re trying to get a hold of these things and level it off. Down the track, if we can provide relief on land tax, I tell you what, I’m the first person to propose those sorts of things.”
The Property Council of Australia has called upon Treasurer Tim Nicholls to undertake a wide-ranging review of state stamp duty for off-the-plan residential sales and the land tax surcharge, in the hope the LNP’s first budget will reinvigorate the embattled sector.
Property Council of Australia’s Queensland executive director Kathy Mac Dermott said the sector still bore an unfair proportion of the state’s tax burden, contributing 29 per cent, or $3.8 billion, of state taxation revenue.
With the lifting of the government’s land tax surcharge seemingly off the table, Ms Mac Dermott said the industry remained hopeful stamp duty for off-the-plan residential sales would be scrapped.
When asked about stamp duty concessions today Mr Newman remained coy.
“Well that’s a good idea, I should talk to the Treasurer about that,” he said chuckling.
“That Mr Nicholls, he’s pretty tough and he wouldn’t be happy if I said anything about his budget.”
This story Administrator ready to work first appeared on Nanjing Night Net.
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