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

2008-09 Budget 68 Territory Own-Source Revenue Note: Median prices as at December 2007 Source: Real Estate Institute of Australia, state legislation and information available as at 30 April 2008 Insurance duty is imposed on general and life insurance policies, with general insurance comprising the majority of the revenue collected from this stamp duty. Revenue from insurance duty is forecast to be $25.5 million in 2008-09. As shown in Chart 6.9, the total tax load on domestic insurance in New South Wales and Victoria is significantly above the national average when fire services levies are taken into account, with the Territory being one of the lower taxing jurisdictions. These states collect their fire services levy as a rate applied to insurance premiums. Rather than utilising the domestic insurance base, Tasmania, Queensland, South Australia, Western Australia and the Australian Capital Territory each impose their emergency or fire services levies on property owners through local councils. Tasmania also raises the levy on certain types of non-domestic insurance, while Queensland has an ambulance levy on general public electricity accounts. The Territory does not impose any emergency or fire services levies on the general public, although, like the states, it does levy charges for commercial fire alarm monitoring. Source: State legislation and information available as at 30 April 2008 Chart 6.8: Conveyance Duty Payable on Purchase of a MedianPriced Residential Investment Property from 6 May 2008 0 4 8 12 16 20 24 28 NSW Vic Qld WA SA Tas ACT NT State average $17 113 $000 Insurance Duty 0 5 10 15 20 25 30 35 NSW Vic Qld WA SA Tas ACT NT Stamp duty Fire service levy % State average (including fire service levy) 14.7% State average 9.4% Chart 6.9: Total State and Territory Taxes on Domestic Insurance