Mr WARREN - 2007-05-03
You have previously outlined that the Martin Labor government is the most tax reforming government in the Territory’s history. Does Budget 2007-08 continue that reform, and does the Territory still have the lowest taxes in Australia for businesses employing up to 100 staff?
Mr Mills: The question seemed to be directed to me, so I thought he might have wanted me to answer it.
Madam SPEAKER: Member for Blain, resume your seat. Treasurer.
ANSWER
Madam Speaker, I thank the member for his question. I am so pleased to see the member for Blain in much higher spirits today. He has a smile on his face, and we like to see that. I was a little disappointed yesterday, personally speaking, but it is good to see you back happy and smiling.
Mr Mills: Let us have a personal talk about that shall we?
Mr STIRLING: I would be happy to have a chat with you outside Question Time.
In answer to the question, we can proudly still say we have the lowest taxes for business employing up to 100 staff in Australia. We can certainly still lay claim to being the most tax-reforming government in the Territory’s history.
We have now reduced taxes by some $156.2m since 2002. In Budget 2007-08, stamp duty on conveyancing for first homebuyers has a new threshold that has reduced considerably: the tax-free threshold going from $225 000 to $350 000. First homeowners now receive a stamp duty concession of $15 312. Budget 2007-08 also takes out the stamp duty on hiring arrangements, which is a further concession to business. By removing this tax, the Martin government will save Territory businesses $5.3m every year.
We have also taken part in an important exercise in conjunction with our state and territory counterparts across Australia, where we are working to harmonise the payroll tax arrangements between each jurisdiction. It is nothing to do with the federal government and nothing to do with Treasurer Costello, but an important piece of work nonetheless amongst the states and territories. It will take effect from 2008-09. It will reduce red tape. Usually it is the larger interstate businesses operating across borders which attract payroll tax in the first place. It will save red tape, and it will save business millions more dollars once it comes into effect from 2008-09. We have reduced the payroll tax rate twice. We have increased the payroll tax threshold from $600 000 in 2001 to $1.25m. We have removed debits tax. We have removed electronic debit transaction duty. We have increased the first homeowner tax-free threshold on conveyancing to $350 000. We have introduced and increased to $2500 the stamp duty rebate on buyers of a principal place of residence. We have removed the stamp duty on wet hires. We have removed the stamp duty on leases. We have removed the stamp duty on hiring ...
Mr Wood: You are receiving more money on pastoral properties this year.
Mr STIRLING: The member for Greatorex speaks at the wrong time. Who put all these taxes in place, Madam Speaker?
Ms Carney: Member for Nelson.
Madam SPEAKER: Order!
Mr STIRLING: Oh, the member for Nelson. Sorry, member for Greatorex. It does give me cause to remind Territorians that it was the Country Liberal Party that put these taxes in place in the first place. It is a Labor government in the Northern Territory - the first ever Labor government in the Northern Territory - that has worked so hard over the last six years to reduce the tax impost on business, to the tune of $156.2m and climbing. The confidence demonstrated by Territorians and Territory business is being backed by the Martin government through our ongoing program of reducing taxes, supporting jobs and supporting lifestyles, today and into the future, and we are not at the end of the tax reform road yet.
Mr Mills: The question seemed to be directed to me, so I thought he might have wanted me to answer it.
Madam SPEAKER: Member for Blain, resume your seat. Treasurer.
ANSWER
Madam Speaker, I thank the member for his question. I am so pleased to see the member for Blain in much higher spirits today. He has a smile on his face, and we like to see that. I was a little disappointed yesterday, personally speaking, but it is good to see you back happy and smiling.
Mr Mills: Let us have a personal talk about that shall we?
Mr STIRLING: I would be happy to have a chat with you outside Question Time.
In answer to the question, we can proudly still say we have the lowest taxes for business employing up to 100 staff in Australia. We can certainly still lay claim to being the most tax-reforming government in the Territory’s history.
We have now reduced taxes by some $156.2m since 2002. In Budget 2007-08, stamp duty on conveyancing for first homebuyers has a new threshold that has reduced considerably: the tax-free threshold going from $225 000 to $350 000. First homeowners now receive a stamp duty concession of $15 312. Budget 2007-08 also takes out the stamp duty on hiring arrangements, which is a further concession to business. By removing this tax, the Martin government will save Territory businesses $5.3m every year.
We have also taken part in an important exercise in conjunction with our state and territory counterparts across Australia, where we are working to harmonise the payroll tax arrangements between each jurisdiction. It is nothing to do with the federal government and nothing to do with Treasurer Costello, but an important piece of work nonetheless amongst the states and territories. It will take effect from 2008-09. It will reduce red tape. Usually it is the larger interstate businesses operating across borders which attract payroll tax in the first place. It will save red tape, and it will save business millions more dollars once it comes into effect from 2008-09. We have reduced the payroll tax rate twice. We have increased the payroll tax threshold from $600 000 in 2001 to $1.25m. We have removed debits tax. We have removed electronic debit transaction duty. We have increased the first homeowner tax-free threshold on conveyancing to $350 000. We have introduced and increased to $2500 the stamp duty rebate on buyers of a principal place of residence. We have removed the stamp duty on wet hires. We have removed the stamp duty on leases. We have removed the stamp duty on hiring ...
Mr Wood: You are receiving more money on pastoral properties this year.
Mr STIRLING: The member for Greatorex speaks at the wrong time. Who put all these taxes in place, Madam Speaker?
Ms Carney: Member for Nelson.
Madam SPEAKER: Order!
Mr STIRLING: Oh, the member for Nelson. Sorry, member for Greatorex. It does give me cause to remind Territorians that it was the Country Liberal Party that put these taxes in place in the first place. It is a Labor government in the Northern Territory - the first ever Labor government in the Northern Territory - that has worked so hard over the last six years to reduce the tax impost on business, to the tune of $156.2m and climbing. The confidence demonstrated by Territorians and Territory business is being backed by the Martin government through our ongoing program of reducing taxes, supporting jobs and supporting lifestyles, today and into the future, and we are not at the end of the tax reform road yet.
Last updated: 09 Aug 2016