Elite AgentINDUSTRY NEWSNEWS

Property Owners Hit in SA Budget, Property Council

South Australian property owners were slugged in the 2014/15 State Budget by a sharp increase in the Emergency Services Levy (ESL) paid on all property and confirmation that the Government intends to introduce a $750 car park tax in July 2014.

“It is disappointing that property owners once again bear the brunt of tough Budget measures,” Property Council Acting Executive Director Lino Iacomella said.

“The increase in the ESL will affect all property owners and it adds to the growing cost of owning property.

“The car park tax will hurt retailers in the city centre and diminish investor appeal for CBD property. Adelaide needs incentives to help grow the state economy not another tax that will add to the cost of doing business in the city.

“On the positive side it is reassuring that $10 billion of committed infrastructure work from earlier Budgets will continue.

“It is also pleasing that the Government is responding to the housing needs of seniors. The Budget includes an $8,500 grant to help people over 60 years of age downsize into a more appropriate home. This is good public policy and it will help to free up larger existing homes for growing families.

“It is also pleasing that the Government has not lifted land tax or stamp duty rates in the Budget.

“However this Budget confirms that the State tax system needs a major overhaul to create a more sustainable and fairer system, and a tax system that encourages growth.

“The property sector cannot be expected to continue to do the heavy lifting of fixing the annual State Budget,” Lino Iacomella said.

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com