Two new property taxes if Labor wins according to election costings

first_imgMore from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours agoProperty Council Queensland head Chris Mountford. Picture: Mark CallejaMr Mountford said the Property Council had expressed concern six weeks ago over the Valuer-General’s decision not to revalue some of the state’s most significant local government areas including Brisbane in 2018.“With a big new tax to be imposed on properties above $10 million, it is now clear why the Government is keen to lock in valuations issued at the peak of the market.“These inflated valuations, coupled with a 2.5 per cent land tax surcharge, will deliver the Government far more than its fair share of taxes from the industry.”He warned that property owners were still being slugged with the 0.5 per cent ‘temporary’ land tax surcharge introduced in 2009.Mr Mountford said the current Labor government had already broke promises over not introducing any new taxes, fees or charges when it brought in a new tax on foreign buyers last year.“This year, the Government broke its promise again when it introduced a further new tax on absentee landholders. Capital is mobile. If we keep pushing up the costs of investing here, ultimately another part of the globe will become a more attractive place to invest, and the money and associated jobs will be redirected,” he said.“Queensland is not just competing with southern states. Like in cricket, we are competing with the rest of the world. Make no mistake- taxes on business and investment are ultimately taxes that will be borne by Queenslanders.” Queensland Premier Annastacia Palaszczuk had two new property taxes in her election costings released two days before voting day. Picture: AAP Image/Tracey NearmyTHE Property Council has launched a scathing attack on the Labor Party’s decision to slug property owners with two new taxes if it wins come Saturday.Council Queensland executive director Chris Mountford warned the party led by Annastacia Palaszczuk was playing a dangerous game by introducing new taxes.“The introduction of four, big new taxes – two of them on property – were of course going to raise the ire of the industry. What better way to hide them than to release them two days out from the election, while the Ashes are underway?”A new 2.25 per cent land tax on large non-farm property holdings for individuals and 2.5 per cent for non-individuals including trusts was expected to net $227m off owners, plus a doubling of the transfer duty charges on foreign buyers – to 7 per cent from 3 – was expected to add $99m in property costs over three years.last_img

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