Business leaders: ‘It’s time to cut the red tape’
December 8, 2019
Sentinel Property Group managing director Warren Ebert said increases in land taxes, which he says have targeted the wrong people, was a key issue at the 2020 Queensland election.
In the June state budget, the Queensland Labor Government increased land tax for holdings valued at more than $5 million from 2 per cent to 2.25 per cent, while the rate for holdings over $10 million increased from 2.5 per cent to 2.75 per cent.
“These increases were made to punish the big end of town, but they end up hurting smaller investors such as union super funds and community groups in a commercial property syndicate,” Mr Ebert said.
“We understand the Government has to raise more revenue to run the state but with this measure they just end up hitting mum-and-dad investors.”