A land tax of 0.1 per cent imposed on mainly wealthier and older property owners is the best way to repay about $500 billion of COVID-19 debt, a study says.
A federal land tax of 0.
The proposed federal land tax would raise almost $8 billion a year from a 0.1 per cent rate on the unimproved value of land – that is the value of property excluding houses and other buildings. Typically, this is about half the value of a residential property. Another “reasonable” option explored by the ANU co-authors Trevor Rose and Professor Breunig was increasing the 10 per cent GST to 11 per cent.However, this ranked behind the preferred option of a low, federal land tax, and the secondary options of including the principal residence in the pension assets test, introducing an inheritance tax, reducing the CGT exemption for the principal residence and cutting the CGT discount for other assets.
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