Northern Territory budget papers 2003 - 2004
2003/04 Budget paper
Northern Territory. Department of Treasury
Northern Territory budget papers; E-Journals; PublicationNT
2003-05-29
Made available via the Publications (Legal Deposit) Act 2004 (NT).; Please Note: This can't be read online. Please download to read the documents
Northern Territory Budget paper No. 01 2003-04 Speech and Appropriation Bill -- Northern Territory Budget paper No. 02 2003-04 Fiscal and Economic Outlook -- Northern Territory Budget paper No. 03 2003-04 The Budget -- Northern Territory Budget paper No. 04 2002-03 Capital Works Program -- Northern Territory Budget paper No. 05 2002-03 Budget Overview -- Budget paper No. 06 2002-03 NT Economy -- Northern Territory Budget paper No. 07 2002-03 Regional Highlights -- Northern Territory Budget paper No. 08 2002-03 Building Territory Business
English
Appropriations and expenditures; Periodicals; Budget; Finance, Public
Northern Territory Government
Darwin
2003/04
application/pdf
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
https://creativecommons.org/licenses/by/4.0/
https://hdl.handle.net/10070/591859 [LANT: E-Journals: Northern Territory Budget paper No. 01 2003-04 The Speech and Appropriation Bill]; https://hdl.handle.net/10070/591861 [LANT: E-Journals: Northern Territory Budget paper No. 02 2003-04 Fiscal and Economic Outlook]; https://hdl.handle.net/10070/591863 [LANT: E-Journals: Northern Territory Budget paper No. 03 2003-04 The Budget]; https://hdl.handle.net/10070/591865 [LANT: E-Journals: Northern Territory Budget paper No. 04 2003-04 Capital Works Program]; https://hdl.handle.net/10070/591867 [LANT: E-Journals: Northern Territory Budget paper No. 05 2003-04 Budget Overview]; https://hdl.handle.net/10070/591869 [LANT: E-Journals: Northern Territory Budget paper No. 06 2003-04 NT Economy]; https://hdl.handle.net/10070/591871 [LANT: E-Journals: Northern Territory Budget paper No. 07 2003-04 Regional Highlights]; https://hdl.handle.net/10070/591873 [LANT: E-Journals: Northern Territory Budget paper No. 08 2003-04 Building Territory Business]
https://hdl.handle.net/10070/244898
https://hdl.handle.net/10070/591861
https://hdl.handle.net/10070/591865; https://hdl.handle.net/10070/591867; https://hdl.handle.net/10070/591869; https://hdl.handle.net/10070/591871; https://hdl.handle.net/10070/591873; https://hdl.handle.net/10070/591859; https://hdl.handle.net/10070/591863
Fiscal and Economic Outlook 100 ______________________________________________________________________________________________ The cost of the pay-roll tax concession has been estimated, based on wage estimates of employees working for large employers based in the Trade Development Zone. Stamp Duty on Conveyances 2003-04 2004-05 2005-06 2006-07 Tax expenditure ($ million) 8.1 8.6 9.1 9.1 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 2003-04. The estimated tax expenditure reported above is comprised of the following. CORPORATE RECONSTRUCTIONS EXEMPTION 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 corporate reconstruction exemptions approved from 10 October 2002 to 30 April 2003. Without the benefit of historical data, it has been assumed that the amount of stamp duty exempted each year will be consistent. FIRST HOME OWNER CONCESSION Prior to 20 August 2002, a stamp duty concession equalling the stamp duty payable up to the first $80 000 in value (ie. up to $2 096 in stamp duty) applied to the purchase of a persons first home in the Northern Territory. From 20 August 2002, the criteria for the concession was aligned with the $7 000 First Home Owner Grant, such that it is only available to true first home buyers. In addition, the value of the concession was increased to the stamp duty payable up to the first $125 000 in value (ie. up to $3 640.60 in stamp duty). The overall effect of these changes is to reduce the tax expenditure for this concession, however, any notional savings have been channelled into the Principal Place of Residence Rebate (outlined below). The estimated tax expenditure for this concession is based on actual data collected in past years in relation to the concession. PRINCIPAL PLACE OF RESIDENCE REBATE From 20 August 2002, a new stamp duty rebate of up to $1 500 of the duty payable on the purchase of a persons principal place of residence in the Northern Territory is available. This is equivalent to a rebate of the stamp duty on the first $60 200 of a propertys value. This concession is not available to first home buyers. The combination of the First Home Owner Concession and the Principal Place of Residence Rebate has had the effect of increasing tax expenditures when compared to the former First Home Owner Concession. The estimated tax expenditure for this concession is based on actual data collected in 2002-03 in relation to the rebate.