But a "broader land tax" essentially means a tax on the family home. Period.
Investment properties already pay land tax once the property reaches $549k (NSW).
Broadening it to all investment properties regardless of value is not going to increase tax revenue substantially.
Also to even have the slightest chance of getting up, the land tax could not be retrospective otherwise home owners will have paid stamp duty and then be subject to land tax.
It may well be a better method in a perfect world, but ain't no politician going to touch it with a barge pole.
Also as I've mentioned SD also puts a lid on property speculation through flipping. The Sydney boom may be over but I don't reckon APRA would be too keen on stoking that fire any time soon.
Again, I hate paying SD.
But I am a realist and it ain't going to change any time soon.
