Tax reform and changes to rates and land tax are indicated in Budget Papers for each financial year from and including 2012-13. In introducing the Appropriation Bill 2012-2013 to the Assembly, the Treasurer told the Assembly, regarding stamp duty, that: We are starting a long-term plan to abolish stamp duty on conveyancing. Over the next five years the Government will reduce the amount of stamp duty paid on all homes—beginning tomorrow. Regarding land tax, the Treasurer told the Assembly that: To put downward pressure on rents and encourage investment in the kinds of housing which are in the shortest supply, announce today a cut in the land tax paid by landlords who rent out low- and medium-priced properties. … Based on averages, a rental property in Chisholm will see a reduction of $307 in land tax a year – good news for renters and good news for investors. Regarding general rates, the Treasurer told the Assembly that: Canberrans understand that tax changes like the ones I have announced need to be paid for. The overall aim is not to reduce the money the Government invests in services for Canberrans, but to move away from inefficient and regressive taxes and focus on fairer, progressive revenue sources. That is why today I announce important changes to the general rates regime. He told the Assembly that these changes would ‘not alter the fundamental premise on which rates have always been collected – linking rates charged to the value of land’, and that these changes would ‘make the system more progressive’. He told the Assembly: We will be introducing a series of progressive marginal tax rates to replace the existing flat valuation based charge. The fixed charge paid by all Canberra households will remain the same at $555. He also told the Assembly that: Under the new scale, rates will decrease for around a quarter of properties. The average increase will be $123 per year or $2.35 a week. This will be offset by the reductions in insurance costs, stamp duty and rents I outlined earlier.
Tax reform and changes to rates and land tax are indicated in Budget Papers for each financial year from and including 2012-13. In introducing the Appropriation Bill 2012-2013 to the Assembly, the Treasurer told the Assembly, regarding stamp duty, that: We are starting a long-term plan to abolish stamp duty on conveyancing. Over the next five years the Government will reduce the amount of stamp duty paid on all homes—beginning tomorrow. Regarding land tax, the Treasurer told the Assembly that: To put downward pressure on rents and encourage investment in the kinds of housing which are in the shortest supply, announce today a cut in the land tax paid by landlords who rent out low- and medium-priced properties. … Based on averages, a rental property in Chisholm will see a reduction of $307 in land tax a year – good news for renters and good news for investors. Regarding general rates, the Treasurer told the Assembly that: Canberrans understand that tax changes like the ones I have announced need to be paid for. The overall aim is not to reduce the money the Government invests in services for Canberrans, but to move away from inefficient and regressive taxes and focus on fairer, progressive revenue sources. That is why today I announce important changes to the general rates regime. He told the Assembly that these changes would ‘not alter the fundamental premise on which rates have always been collected – linking rates charged to the value of land’, and that these changes would ‘make the system more progressive’. He told the Assembly: We will be introducing a series of progressive marginal tax rates to replace the existing flat valuation based charge. The fixed charge paid by all Canberra households will remain the same at $555. He also told the Assembly that: Under the new scale, rates will decrease for around a quarter of properties. The average increase will be $123 per year or $2.35 a week. This will be offset by the reductions in insurance costs, stamp duty and rents I outlined earlier.