South Aust looks to soften land tax blow The South Australian government will listen to key interest groups in a bid to minimise the impact of controversial land tax changes in the state budget. The government is looking to close a loophole in current laws which allow people with multiple properties to use complex ownership structures to minimise what they owe. Premier Steven Marshall says the government is determined to proceed with the new measure but will also lower the overall land tax burden by cutting rates. "We want genuine reform, we want lower land tax but we've got to fix up some of these issues with the regard to the way it's being applied." Mr Marshall told reporters on Tuesday. "I fully understand that this reform is difficult. There will be some people who adversely affected. "But overall there will be far more beneficiaries of the system that we're providing." The Property Council has come out strongly against the reforms, arguing some people with multiple properties will be hit with huge increases in their land tax bill. Crossbench party SA-BEST has also organised a forum this weekend to consider the changes. The party's treasury spokesman Fran Pangallo said the government had got it wrong with its current proposal. "At the end of the day, any increased costs faced by property owners - whether they own commercial or residential properties - will be passed on to the businesses and tenants that rent those sites," he said. But Mr Marshall said while the proposed changes to ownership rules would raise about $40 million, cuts to land tax rates would result in an overall fall in the government land tax take in 2020/21. He also promised to sit down with the property sector and other groups to "see what they've got to say" before bringing legislation to parliament by the end of the year. The changes are due to come into force on July 1 next year. Share or comment on this article: South Aust looks to soften land tax blow e-mail Sorry we are not currently accepting comments on this article.
South Aust looks to soften land tax blow
South Aust looks to soften land tax blow The South Australian government will listen to key interest groups in a bid to minimise the impact of controversial land tax changes in the state budget. The government is looking to close a loophole in current laws which allow people with multiple properties to use complex ownership structures to minimise what they owe. Premier Steven Marshall says the government is determined to proceed with the new measure but will also lower the overall land tax burden by cutting rates. "We want genuine reform, we want lower land tax but we've got to fix up some of these issues with the regard to the way it's being applied." Mr Marshall told reporters on Tuesday. "I fully understand that this reform is difficult. There will be some people who adversely affected. "But overall there will be far more beneficiaries of the system that we're providing." The Property Council has come out strongly against the reforms, arguing some people with multiple properties will be hit with huge increases in their land tax bill. Crossbench party SA-BEST has also organised a forum this weekend to consider the changes. The party's treasury spokesman Fran Pangallo said the government had got it wrong with its current proposal. "At the end of the day, any increased costs faced by property owners - whether they own commercial or residential properties - will be passed on to the businesses and tenants that rent those sites," he said. But Mr Marshall said while the proposed changes to ownership rules would raise about $40 million, cuts to land tax rates would result in an overall fall in the government land tax take in 2020/21. He also promised to sit down with the property sector and other groups to "see what they've got to say" before bringing legislation to parliament by the end of the year. The changes are due to come into force on July 1 next year. Share or comment on this article: South Aust looks to soften land tax blow e-mail Sorry we are not currently accepting comments on this article.
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