If we remove the burden of land tax from NSW, we reduce the overheads necessary for businesses to operate, but also assist with housing affordability for families and communities.
The Small Business Party believes that land tax is a significant inhibitor to business and family stability. As land taxes continue to soar in NSW, these costs are often passed on to small businesses and families through rent and outgoings. It's the renters who cannot afford their own home and the small business owners who pay the price over and over again.
This is another tax on property in NSW, which is already heavily and unfairly taxed.
On average across Sydney in 2018 - land tax accounted for the following extra costs on private tenants and commercial lessees:
- An average of $5028 in land tax (on a residential investment property)
- This equals an extra $100 PER WEEK to the average renter in Sydney
- An average of $21028 in land tax (on a commercial investment property)
- This equals an extra $400 PER WEEK to the average commercial tenant in Sydney
Land Tax also does not account for changes in the property market across NSW. Residential rents are falling while Land Tax stays the same (or INCREASES) - punishing mum and dad investors, and self funded retirees.