Take the Axe to Land Tax Aggregation in WA
The Property Council of Australia welcomes WA Premier Colin Barnett’s statement today, that the State Government will consider fixing the big problem of land tax aggregation as early as this year’s state budget.
“Land tax aggregation is hugely unfair and discriminates against investors that own more than one property, often the effective land tax rate can double as the aggregated property holdings are taxed at higher rates,” Property Council WA Deputy Executive Director Lino Iacomella.
“The solution is simple; each property should only be taxed individually and the number of higher thresholds should be reduced and ultimately a single rate of land tax should apply.
“This will attract more long-term productive investment in property which is particularly necessary to boost the economy and keep WA growing.”
“It’s great that the WA Government has finally realised that unfair property taxes, like the distorted land tax system is hurting the wider economy.
“After slugging the WA property sector with three successive annual land tax increases, reform of land tax in 2016 is a massive priority.
“The Property Council looks forward to urgent discussions with the Government to fix the land tax problem in WA and for solutions in this year’s state budget.”
Media contact: Lino Iacomella | M 0417 507 974 | E LIacomella@propertycouncil.com.au