Tax relief measures for Land Tax
Published on 24 September 2009
A number of tax relief measures were announced in the 2009-10 State Budget. These included:
- A 50% cap on the growth in land values will apply for the purpose of assessing land and metropolitan region improvement tax (MRIT);
- An extension of the due dates for payments two and three under the payment option arrangements and a reduction in the charge applied to the three payment option from 4% to 2%; and
- A concession for property developers to allow land tax and MRIT to be paid on the lower undeveloped (or ‘englobo’) value of land holdings, rather than the full subdivided value of lots, for one year after the creation of the lots.
The Revenue Laws Amendment (Taxation) Act 2009 received Royal Assent on 16 September 2009. The regulations to set the cap amount and to change the instalment options are in the process of being drafted.
Further information can be obtained on the 2009-10 Budget fact sheet