Page 344 - Week 01 - Thursday, 10 February 2022
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between $500,000 and $750,000; if so, can the Treasurer provide the number and estimated total foregone revenue amount for each category.
Mr Barr: The answer to the member’s question is as follows:
(1) Stamp duty is levied after a property settles, and this can be many months or years after the exchange of contracts. Concessions are applied at that time.
(2) The number of conveyance duty concessions identified for contracts exchanged between 4 June 2020 and 30 June 2021 and estimated revenue foregone (as at 30 November 2021) are:
|
Categories |
Number |
Estimated revenue foregone |
|
(a) Single residential dwelling blocks |
1,103 |
$10,257,111 |
|
(b) Off-the-plan units up to $500,000 |
119 |
$1,062,826 |
|
(c) Off-the-plan units between $500,000 and $750,000 |
223 |
$2,542,200 |
These numbers will increase more as off-the-plan properties settle.
Land—tax exemptions
(Question No 546)
Mr Cain asked the Treasurer, upon notice, on 26 November 2021:
(1) For how many properties was a land tax exemption allowed in the (a) 2018-19, (b) 2019-20 and (c) 2020-21 financial years.
(2) What was the value of the exemptions referred to in part (1), based on foregone land tax revenue, in the (a) 2018-19, (b) 2019-20 and (c) 2020-21 financial years.
(3) What checks are done to establish the legitimacy of exemptions at the time of application.
(4) What was the dollar value of resources committed to establishing the legitimacy of exemptions at the time of application.
(5) What checks are done to confirm the ongoing legitimacy of existing exemptions.
(6) What was the dollar value of resources committed to confirming the ongoing legitimacy of existing exemptions.
(7) Are there penalties for exemptions found to be incorrectly claimed; if so, can the Treasurer outline what the penalties are.
(8) Further to part (7), if there is a financial penalty, can the Treasurer advise the total amount for the (a) 2018-19, (b) 2019-20 and (c) 2020-21 financial years.
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