Land Tax

In reply to the Hon. S.C. MULLIGHAN (Lee) (10 September 2019).

The Hon. S.S. MARSHALL (Dunstan—Premier): The Treasurer has provided the following advice:

Since the honourable member asked this question the government introduced a number of changes to the Land Tax (Miscellaneous) Amendment Bill 2019 and associated measures, this includes:

reducing the top tax rate to 2.4 per cent with a threshold of $2 million;

reducing the 1.65 per cent marginal tax rate to 1 per cent;

introducing a new lower marginal tax rate for site values between around $1.1 million and the top tax threshold of 2 per cent;

providing concessions for companies undertaking residential developments of 10 or more lots or affordable housing; and

introducing a three-year $25 million transition fund to help taxpayers impacted by the changes to aggregation transition to the new arrangements.

It is estimated that around 92 per cent of individuals and 75 per cent of company groups affected by the government's changes will be better off as a result of the land tax reforms announced by the government since it was elected.