The Labor Party has announced that if re-elected on Saturday, it would introduce four new taxes- including two on property.
Land tax will increase to a rate of 2.25 per cent for individuals and 2.5 per cent for trusts, companies and absentee landholders, on holdings of more than $10 million. This is expected to raise $227 million over three years (2.25 per cent for individuals and 2.5 per cent for trusts, companies or absentee landholders- principal place of residence to be excluded).
The foreign acquirer duty introduced in 2016 for purchasers of residential property, would be increased from 3 per cent to 7 per cent, aiming to raise $99 million over three years.
Other new taxes include an increase in motor vehicle duty for new cars over $100,000, and a new 15 per cent ‘wagering tax’ to be placed on betting and lottery companies.
The Property Council has slammed Labor’s proposal, and reinforced the impact that new taxes on property will have on attracting business and investment to the state.
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