Page 3985 - Week 13 - Thursday, 17 October 1991
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- 36$ owned their principal residence outright;
- 28$ were still paying off their principal residence and would include persons living temporarily overseas. 86% of these had aweekly income of $700 or more.
In the case of absences caused by the death or illness of any person, short-term rental arrangements will not of themselves lead to the property being land taxed.
f) The cost of administering the land tax.
The estimated cost of introducing and administering the tax in 1991/92 is $175,000. On going staffing costs from 1992/93 are expected to be $57;000. These costs however, would have increased significantly if the tax had been introduced with a threshold and consequent aggregation of properties owned.
g) The need for the cost of additional public housing in the
event of a reduction in the availability of private rental
accommodation resulting from the implementation of the land tax.
As indicated in b) above the imposition of land tax on rental properties is not expected to have any serious impact on the supply of investment housing. My Government is concerned, however, to ensure that low income families are not adversely affected by the extension of land tax on rental properties. Low income families who are on the waiting list for public housing may apply for assistance from the ACT Housing Trust Rent Relief Scheme. In addition the Minister for Housing is to closely monitor the housing situation following introduction of the tax and will advise the Government on any adverse factors.
2) Will the Treasurer make these studies available to the
Assembly; if not, why not.
The statistics and studies used by the Government to reach a decision to introduce land tax on residential land which is not
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