NT Government Stamps Property

Fri 21 April 2017

MEDIA RELEASE

NT Government Stamps Property

The 2017 Territory Budget will deliver a hit to property across the Territory.

The Property Council of Australia’s Northern Territory Executive Director Ruth Palmer said that today’s announcement to increase stamp duty on property that is $3 million and over is going to hurt an already struggling property sector.

The increase on stamp duty will affect all types of property, not just the commercial market.

“We will see a rate of 5.75% on properties $3 million or more and a rate of 5.95% to properties $5 million and over. This equates to a 5% and 9% increase respectively.

“One in four Darwin CBD offices currently lie empty, no Australian capital city has a vacancy rate as high as ours.

“The Territory must be a competitive place to do business, any increase on property related taxes is simply going to make the Territory a less attractive place to invest.

“We acknowledge that the Northern Territory Government is facing a difficult challenging time with regard to the loss of Federal Government revenue.

“Any tax increase on property considered by the Northern Territory Government must be temporary in nature and be removed once the budget conditions improve.”

Media contact:  Ruth Palmer  |  M  0450 428 314  |   E  rpalmer@propertycouncil.com.au