The SACOSS proposals are that the government’s bill be amended to:
- change the tax scale so that a top rate of 2.9% will apply to land holdings over $5m (with the government’s 2.4% rate applying between $1.1m and $5m)
- double the surcharge on trusts (to an additional 1%)
- invest the revenue retained by these measures (approximately $40m p.a.) in the maintenance and expansion of public and community housing.
This Briefing Note is a short version of the proposals and discussion contained in our submission on the government's Draft Land Tax Amendments bill 2019.