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June 2001

Recent Announcements

Better Business Taxes

  1. The only change to the LAND TAX SYSTEM is that from 1 January 2002 the current land tax threshold will be raised from $85,000 to $125,000
  2. A reduction in the PAY-ROLL TAX rate from 5.75% to 5.45% on 1 July 2001, further reducing to 5.35% on 1 July 2003. The pay-roll tax threshold will be raised from $515,000 to $550,000 on 1 July 2003
  3. The abolition of three business taxes:
    1. stamp duty on non-residential leases to be implemented immediately
    2. stamp duty on unquoted marketable securities from 1 July 2003
    3. stamp duty on mortgages from 1 July 2004.
  4. The removal of three pay-roll tax concessions from 1 July 2001.

 

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