We will commence a comprehensive series of reforms to the land tax regime in South Australia.
From 1 July 2020, we will increase the tax-free threshold to $450,000 from the current $353,000.
We will also cut the top marginal tax rate from 3.7% to 2.9% for holdings valued from just over $1 million up to $5 million, lowering taxes for thousands of businesses.
The beneficiaries of our land tax cut will include many hardworking people who have invested in two or three modest houses to support themselves in retirement, who now have to pay huge amounts of land tax.
Beneficiaries will also include small to medium businesses that own their premises and employ thousands of South Australians in industries outside the property sector.
We will also investigate and pursue other improvements to the State’s property tax regime to support investment and job creation by enhancing efficiency and competitiveness.
South Australia is home to many great businesses capable of creating more jobs and greater prosperity.
But the policy settings under the Weatherill Labor Government are stifling business investment and discouraging businesses from investing their capital and creating jobs here in South Australia.
Too many businesses are choosing to invest in other parts of Australia because of Labor’s uncompetitive tax regime.
This is adding to the brain drain from South Australia which has already seen tens of thousands of talented young people leave our State because of a lack of jobs and opportunities.
That’s why we will reduce land tax and other taxes including payroll tax, attracting new businesses and incentivising existing businesses to grow and create more jobs.