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 74 Territory Own-Source Revenue Payroll tax does not apply to wages paid or payable by the following organisations, to the extent that those wages are paid for an employees services that relate directly to the purpose for which the organisation was established: private non-tertiary schools or colleges; local governing bodies; or religious institutions, public benevolent institutions or public hospitals. Stamp Duty on Conveyances 2008-09 2009-10 2010-11 2011-12 Tax Expenditure ($M) 39.8 37.8 38.8 39.8 The benchmark tax base is assumed to be sales of all dutiable property, including chattels that are part of a transaction that conveys other dutiable property. The benchmark tax scale is assumed to be the stamp duty scale that will apply in 2008-09. The estimated tax expenditure reported above comprises the items below. An exemption for transfers of property between commonly owned corporations was introduced from 10 October 2002. The exemption is to allow corporate groups to reorganise the ownership of assets into more efficient structures. The estimated value of the concession is based on the actual amount of stamp duty forgone as a result of approved corporate reconstruction exemptions and how this relates to overall conveyance stamp duty collections. A stamp duty concession is available for the purchase of a persons first home in the Northern Territory. From 6 May 2008, the concession exempts from stamp duty the first $385 000 of a homes value (that is, up to $15 515 in stamp duty). The estimated tax expenditure for this concession is based on actual historical data collected in relation to the concession and how this relates to overall conveyance stamp duty collections. A stamp duty rebate of up to $2500 of the duty payable on the purchase of a persons principal place of residence in the Northern Territory is available. With the reduction in conveyance stamp duty rates from 6 May 2008, this equates to a rebate of the stamp duty on about the first $111 850 of a homes value. This concession is not available to first home buyers. The estimated tax expenditure for this concession is based on actual historical data collected for this rebate and how it relates to overall conveyance stamp duty collections. Several other conveyance stamp duty exemptions are provided that together result in significant revenue being forgone by the Territory, the largest of these being exemptions for: the transfer of a companys property, on its winding up, to a shareholder of the company entitled to the property on a distribution in kind; instruments made pursuant to a court order that alter the interests of the parties to a marriage. This exemption is provided under the Commonwealths Family Law Act; Private Educational Institutions and Local Governments Corporate Reconstructions Exemption First Home Owner Concession Principal Place of Residence Rebate Other Conveyance Stamp Duty Exemptions


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