Victoria's 'socialist' budget to see land taxes 'go through the roof' Really?

Discussion in 'Property Market Economics' started by Illusivedreams, 17th May, 2021.

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  1. Illusivedreams

    Illusivedreams Well-Known Member

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    Victoria's 'socialist' budget to see land taxes 'go through the roof' (msn.com)

    Sad tax grab by Vitoria.

    This sjust after Labor Victorian givernment said they would tax Electric cars.

    Victoria has 'worst electric vehicle policy in the world', business and environmental groups say - ABC News


    First Dan destroys the Victorian economy now he will tax it out of existence.


    Suppose its good for QLD and NSW no sane business will want to stay in a state run like this.





    The “socialist state of Victoria” has opted for increased taxes for high-income earners as it prepares to hand down the budget which will lay out the state’s pathway out of the pandemic says Sky News host Rowan Dean.


    These include a swath of new tax measures including a $2.4 billion property tax increase which will see those at the top contribute more to funding essential community services.

    Developers and land speculators who reap windfall gains above $500,000 when their property is re-zoned will be taxed at 50 per cent.
     
  2. Redwood

    Redwood Well-Known Member

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    Its an absolute joke. Nothing more nothing less, what can we do - move? Overall people are sick of governments, instead hard working victorians, who payed the price during the draconian lockdowns will be left to foot the bill for a disgraceful and incompetent government and pay out their share of "social welfare".

    Cheers Ivan
     
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  3. Sackie

    Sackie Well-Known Member

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    It's good Australia is getting a very small, ugly taste of what it would become if we move the entire country too far socialist left.


    A disaster is an understatement.
     
    Last edited: 17th May, 2021
  4. Illusivedreams

    Illusivedreams Well-Known Member

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  5. skater

    skater Well-Known Member

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    Glad I don't have a lot of property in Vic
     
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  6. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    We do a lot of business in Victoria. And they have their own whole layer on top of the NDIS that is not anywhere else in the Country. Just double up and the rules we face there are crazy
     
  7. Traveller99

    Traveller99 Well-Known Member

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    I'm well invested in Victoria and plan to eventually live there, but the direction of the current Labor government makes me wonder if I should live elsewhere.

    COVID has ushered in an acceptance of big government and many people love it. From lockdowns, to big government spending, paternalism is back!
     
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  8. Traveller99

    Traveller99 Well-Known Member

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    NSW have a terrific opportunity to present themselves as the polar opposite of Victoria and snag many businesses who are sick and tired of the terrible business environment that is being created by Labor.
     
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  9. Blueskies

    Blueskies Well-Known Member

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    Big shout out to Dan and team for their tireless efforts to support net interstate migration numbers into Brisbane. Keep up the great work!
     
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  10. bumskins

    bumskins Well-Known Member

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    How far behind will NSW be if it does get up?

    NSW has been selling off all its income producing assets for years, what is it going to do when there is nothing left to sell?
     
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  11. Traveller99

    Traveller99 Well-Known Member

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    It's almost like the early 90s under Cain and Kirner.
     
  12. pattoman

    pattoman Well-Known Member

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    What is sad is this reporting. "scocialist" budget? Red baiting much?

    Developers and land speculators who reap windfall gains above $500,000 when their property is re-zoned will be taxed at 50 per cent.

    Honest I have no problem with this at all.
     
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  13. GoneFishing

    GoneFishing Well-Known Member

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    Absolutely disgusting. To spell it out:

    1. A 19 per cent increase in land tax on properties valued at between $1.8 million and $3 million, with the rate to increase from 1.3 to 1.55 per cent;

    2. A 13 per cent increase in land tax on properties valued at more than $3 million, with the rate to increase from 2.25 per cent to 2.55 per cent;

    3. An 18.2 per cent increase in stamp duty on a property’s value above $2 million, with the value up to $2 million to be taxed at the current rate; and

    4. A new Windfall Gain Tax, which would apply from 1 July 2022, where 50 per cent of the value of uplift as a result of a rezoning (both local government and state government), as assessed by the Valuer General at the time of the rezoning, will be taken by the Government.

    I'm done with working my guts out. Doesn't matter how hard you work, what risks you take or how much you sacrifice, Labour Governments will always screw those wanting a better life for themselves and their families.
     
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  14. Sackie

    Sackie Well-Known Member

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    That's why I'll never, ever vote Labor.
     
  15. skater

    skater Well-Known Member

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    Yep!
     
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  16. thatbum

    thatbum Well-Known Member

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    Yeah jeez you read the Sky News article and you would think the world was ending. And it pretty much provided no actual details.

    Meanwhile when you actually look at the figures it's some pretty incremental increases at high brackets of land value.

    I'm pretty disappointed that even people on this forum seem to be buying into the drama.
     
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  17. Scott No Mates

    Scott No Mates Well-Known Member

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    It's a lot of angst just to raise $40M (according to the SBS article).
     
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  18. MTR

    MTR Well-Known Member

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    Same in WA

    They are mad, and so are the fanatical lefties
     
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  19. thatbum

    thatbum Well-Known Member

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    Speaking as a fanatical WA lefty, I should say we're not all mad.

    Some of my lefty mates are normal.
     
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  20. Sackie

    Sackie Well-Known Member

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    Points 2 and 3 are significant. Nothing to laugh about.

    Screenshot_20210517-144341_Chrome.jpg
     
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