Coalition promises land tax relief
Ballina MP Don Page today announced the NSW Liberal/Nationals Coalition would exempt 39,000 families and small businesses from paying land tax by raising the land tax threshold to $415,000.
Mr Page said the NSW Coalition would raise the threshold by $47,000, from the NSW Labor Government’s $368,000 to $415,000 in 2007/08.
“Raising the threshold will also provide a tax cut of about $800 for a further 90,000 families and small business in NSW,” Mr Page said.
“Importantly this land tax relief will help to stimulate the investment property market and provide much-needed affordable rental accommodation on the North Coast.
“Raising the threshold will also ensure people have a nest egg for retirement, an important issue given the ageing of Australia’s population and our relatively high retirement demographics.
“In addition, the NSW Coalition will establish a stamp duty concession of $4000 to investors providing rental accommodation.
“The investor concession will apply to new properties valued up to $500,000 where the purpose of the property is to provide rental accommodation and the full concession will only be available if the property is retained as a rental property for more than five years.
“After 12 years of a Labor Government, property investment has become a burden people would rather avoid.
“The NSW Coalition will rectify this, by raising the land tax threshold to $415,000 in 2007/08 and providing stamp duty concessions to rental property investors.”
