Property investors to benefit in SA land tax cuts

Property investors to benefit in SA land tax cuts
Property investors to benefit in SA land tax cuts

The first Liberal government state budget in 16 years will see South Australian treasurer Rob Lucas cut land tax rates.

The cuts will apply to higher-end residential and commercial property investors.

Rob Lucas, who was the treasurer when the last Liberal Government was in power in SA 17 years ago, told The Australian Financial Review he wanted to attract more investors to the state through the land tax reform measures to compete with Sydney and Melbourne.

The first step of the land tax reform is set to see land tax drop from 3.7 percent to 2.9 percent on properties over $1.2 million.

There will also be incentives at the lower end of property investing. The threshold, where land tax applies on properties, will rise from $369,000 to $450,000.

Land tax isn't paid by people on their principal place of residence in South Australia, but does apply to property investors.

 

 

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Land Tax

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