It must be election time. Land Tax is finally getting some attention.
While our Association believes comprehensive and major reform is needed to improve the fairness of the many taxes that apply to residential rental ownership, we welcome moves to decrease the immediate pressure that Land Tax is having on everyday Tasmanians, including tenants who ultimately pay for Land Tax through their rent.
Labor's policy can be found here. It is important to note that Labor proactively contacted our Association, seeking to understand the burden that Land Tax is having on owners and the flow on effect this has on rents.
The Liberal announcement is here, which lacks the detail that Labor has provided. Liberal has been reluctant to move on Land Tax, after stating late last year that there was "no intention to change anything". It is pleasing to see that this issue is now on the table.
It makes sense for both parties to commit to a thorough review, just like what is happening in New South Wales. Tax upon tax, upon tax, upon tax is driving up rents, deterring residential rental investment and unfairly punishing a small pool of people more and more for striving for financial independence, leaving more in the Government kitty to pay out in pensions, allowances and other payments for those who need it.