Treasurer Troy Buswell has ordered an immediate cut in land tax for residents in Western Australia as part of his 'first start' initiative to tackle rising house and rental prices.
Mr. Buswell said the tax cuts would apply to all assessable properties, would average about 7% and would boost Western Australia’s flagging rental market.
According to government figures, land tax on land valued at AUD500,000 will drop by AUD20 to AUD180. Land valued at AUD1m will see a reduction of AUD70 to AUD630.
If the property is in the metropolitan region the savings will be a further AUD20 for land valued at AUD500,000 and an additional AUD70 for land valued at AUD1m.
The tax cut has been welcomed by the real estate industry, who have praised Buswell for sticking to his election pledge to cap land taxes.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment