Territory Stories

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Details:

Title

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Other title

Tabled paper 1293

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2008-05-06

Description

Tabled By Delia Lawrie

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/283912

Citation address

https://hdl.handle.net/10070/410393

Page content

63 New South Wales and Victoria agreed to adopt almost identical payroll tax legislation from 1 July 2007 that encompasses more than the eight measures agreed by the states and territories. As part of the 2008-09 Budget, the Northern Territory will harmonise its payroll tax legislation with the other states and territories in the eight agreed areas from 1 July 2008. Moreover, the Northern Territory has also committed to further harmonise its payroll tax legislation from 1 July 2009. Full harmonisation will provide significant compliance cost savings to businesses and will also provide payroll tax savings of $3 million a year. Stamp Duty Total revenue from the Territorys stamp duties is forecast to be $156 million in 2008-09. The main components are conveyance, insurance and motor vehicle transfer of registration duties, as shown in Chart 6.2. e: estimate; f: forecast Source: Northern Territory Treasury Stamp duty revenue in 2007-08 is projected to be $161.8 million, higher than the estimate for 2008-09 due to the reduction in conveyance duty rates from 6 May 2008. The Territorys conveyance duty is derived from conveyances of dutiable property in the Territory. Such property mainly comprises real estate and transfers of businesses. The Commission assessed the Territorys revenue-raising effort in this category as the second highest of the states and above the national average. However, there are aspects of the Territorys conveyance stamp duty regime on which the duty load is comparatively less than other jurisdictions. In the main, this includes the Territorys home purchase stamp duty concessions. A practical comparison of the effect of state and territory conveyance stamp duty is obtained by comparing the conveyance stamp duty payable on the purchase of a median-priced home in each capital city. Chart 6.3 sets out the median house prices for the December 2007 quarter for Australian capital cities. These prices are used as the basis for the stamp duty comparisons in Charts 6.4 through to 6.8. Chart 6.2: Stamp Duty Collections 0 20 40 60 80 100 120 140 160 180 200 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08e 08-09f Conveyance InsuranceMotor Vehicle Registration Other $M Conveyance Duty


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