Taxed to the rafters: Property industry calls for no tax increases in State budget
The Property Council is calling on the State Government to commit to no further property tax increases in the upcoming State budget.
“Despite the deflated state of the WA economy, WA has been continually hit with some of the highest rates of property tax increases in recent years,” Property Council WA Executive Director Lino Iacomella said.
“There is absolutely no capacity for further tax increases for the property industry, in fact, the sector desperately needs tax relief to drive the property market during the economic downturn.
“In 2015-16 land tax revenue rose by 27.5% in WA compared to an 8.4% increase for all of Australia. Revenue from municipal rates in WA rose by 7.4% in 2015-16 compared to the Australian average of 5.5%. Land tax rates have also risen by 50% in the last four years.
“We are also in a position where stamp duty equates to around 4% of a purchase price, more than some deposits.
“The property sector has seen more than its fair share of taxes. Any more will stifle the market, costing WA millions in potential revenue.
“The government must shift focus from raising revenue to job creation that will fuel the growth of the State. Investment in major infrastructure projects such as METRONET will spur investment and keep WA growing,” Mr Iacomella said
Media contact: Lino Iacomella | M 0417 501 974 | E [email protected]