Page 3987 - Week 13 - Thursday, 17 October 1991

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4) What consultation took place with the Real Estate Institute

of the ACT and the Canberra Association for Regional Development.

None.

5) Is the Treasurer able to advise what land tax applies in NSW

and whether there is any incentive for Canberra investors to

purchase real estate outside the ACT following the introduction

of the land tax.

LAND TAX NSW

From 1.1.90

Rates - $100+1.5% over $160,000

(Based on unimproved

value of land)

On residential owner Exempt unless land over

occupied land 2,100 sq.m (2 heck. for

sub-divided land).

On land used for Exempt

primary production

Land tax is payable on residential investment properties in all states of Australia. Different rates and tax-free thresholds apply, however, the low 1% rate in the ACT is not considered to provide any incentive for investors to purchase real estate elsewhere in preference to the ACT - see answer to 1(b) also.

3987

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