NSW- More property owners exempted from land tax

[geoffw]

SMH: More property owners exempted from land tax

Almost 12,000 more investment property owners will be exempted from land tax this year due to an increase in the tax-free threshold, NSW Premier Morris Iemma says.

Mr Iemma today said the threshold for the tax on non-owner occupied properties would increase from $330,000 to $352,000.

The increase will cost the government $53 million.

The government is also considering options for an averaging system to protect property owners against big annual changes in land tax assessments.

"This is great news for thousands of mum and dad investors, the majority of whom have modest investment properties below the threshold value level," Mr Iemma said in a statement.

 

[MarkB]

Wow, what a turn around from when Carr and Egan wanted to tax the bejesus out of IP owners.

It's amazing what a change in Premier and an upcoming election (14 months away) can do.

Mark

 

[Ebbie]

What about trusts?!!!! I seem to have missed that part of the article.

 

[skater]

What about trusts?!!!! I seem to have missed that part of the article.

I don't think there are any discounts for trusts under the new scheme.

 

[geoffw]

I don't think there are any discounts for trusts under the new scheme.

ie, there's no trust from this government

 

[geoffw]

The same story (somewhat expanded now) from the SMH- this time though under the headline "Investors wriggle off land tax hook".

 

[willair]

The same story (somewhat expanded now) from the SMH- this time though under the headline "Investors wriggle off land tax hook".[/QUOT

Geoff,maybe after the next election in 2007,and if they stay in power
they will just go back to the old 3 hook system that they have in
place now ,happens every time in QLD...
good luck
willair..