» Land Tax Relief for South Australians

Treasurer Kevin Foley introduced to the South Australian State Parliament a land tax relief package that will increase the tax-free limit to $300,000 effective July 1. This new legislation will bring cuts that were outlined in the Mid-Year Budget Review for 2009-2010. Also, this new legislation will benefit about 100,000 South Australian property owners who will no longer be liable for land taxes.

Almost two-thirds of current tax payers will incur reduction in bill payments for up to $1245. This new legislation will also cost the government $52 million per year over the next four years. Under this new legislation, the increase of the threshold for the land tax-free loan amounts from $110,000 to $300,000 mean that about 74,500 of the 121,000 landowners will no longer feel the financial crunch in 2010-2011.

By July 1, Consumer Affairs Minister Gail Gago will also bring a legislation about having a National Consumer Credit Protection Code.