The Property Council of Australia – NT Division remains confident that the outcome of the Northern Territory Government’s review will not lead to the introduction of a Land Tax.
Property Council of Australia NT Executive Director Ruth Palmer said that the government has released a discussion paper that is considering various taxes that can improve revenue.
“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.
“The introduction of a land tax will make the Territory a less attractive place to invest and to live.
"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.
“Unfortunately the property sector is cyclical and we are currently in a period of low activity and weak conditions.
"The discussion paper released today states that the Territory is assessed as having below average land tax capacity.
“Now is not the time to be making long-term structural changes to a tax system due to short term market conditions.
“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.”
Please visit www.revenuepaper.nt.gov.au
Contact: Ruth Palmer | M 0450 428 314 | E [email protected]