Next stages of property compliance measures

Issue: Consistency between property tax proposals

Submission

(EY)

The Bill implements the first of three proposed reforms to the taxation of real property. There will be a need to review and possibly revise the land information requirements once the detailed proposals for the second and third stages of the property tax law reforms have been developed.

This would be an unfortunate outcome and inefficient use of resources and create increased uncertainty and confusion for taxpayers.

Comment

Consequential amendments to the Land Transfer Act 1952 may be necessary once detailed proposals for the bright-line test and withholding tax have been developed.

Any such amendments will seek to maintain coherence between these proposals.

Recommendation

That the submission be noted.