Land tax reform put in spotlight ahead of State poll
Property Council WA is urging both sides in the upcoming State election to reduce the top marginal rate of land tax in line with other States competing for the investment dollar.
Land tax was compounding problems experienced by building owners who already had to contend with the highest office vacancy rates — 25 per cent plus — for 20 years, Property Council WA executive director Lino Iacomella said.
“If the property sector is to drive the WA economy post-mining boom, these arduous taxes must be reformed to allow the property industry to keep WA growing,” she said.
“The top marginal rate of land tax in WA, 2.67 per cent, is the second highest in Australia,” he said, compared with NSW and Queensland (top rates 2 per cent) and Victoria (2.25 per cent).
He said the situation was exacerbated for CBD landlords who also had to pay an extra 0.14 per cent Metropolitan Regional Improvement Tax.