NT Taxation Review

The NTG are looking towards a sustainable revenue base and are investigating ways to encourage investment and today have released a Northern Territory Revenue Discussion Paper.

The discussion paper includes possible reforms on payroll, property, gambling, banking, motor vehicles and insurance – as well as mineral and petroleum royalties.

No decisions have been made about which reforms, if any will be adopted.

Following the devastating $2 billion cuts to out GST revenues – the Government belies the time is right for this discussion.

One of the taxes for discussion is the introduction of Land Tax – we remain confident that the outcome of the review will not lead to the introduction of a Land Tax.

The Territory is the only jurisdiction that does not have a land tax, the property industry is already one of the highest taxed sectors in Australia and this will make the Territory a less attractive place to invest and to live.

It also means that everyone that has paid stamp duty already on their property will be slugged with an additional yearly tax that will affect Territory property owners and investors.

It is also important that the government consider cost of living factors. The introduction of any form of land tax will increase cost of living pressures on all Territory families and hurt investment and job creation.

We will be lodging a submission towards the paper and the NTG will except submissions until Februrary.

Please do not hesitate to contact me for further discussion.

Ruth Palmer
NT  Executive Director