A LAND tax relief package which will increase the tax-free threshold to $300,000 from July 1 will be introduced into the South Australian State Parliament today by Treasurer Kevin Foley.
Legislation will deliver the cuts outlined in the 2009-10 Mid-Year Budget Review earlier this year. More than l00,000 SA property-owners will benefit. Almost two-thirds of current land taxpayers will no longer be liable to pay any land tax next financial year and there are reductions of up to $1245 in the bills of remaining land taxpayers.
The package will cost the Government $52 million a year for the next four years. Under the proposed changes, the land tax-free threshold will be lifted from $110,000 to $300,000 which will ensure an estimated 74,500 of the 121,000 landowners who pay land tax will no longer be liable for it in the 2010-11 financial year.