Impacts of reforms to date stage 1 Revenue neutralityChanges in residential general rates to date for houses & unitsImpact of tax reform on householdsImpact of tax reform on businessStage 2 reforms 2017-18 - 2021-22 Commercial conveyance duties removed for most transactions from 2018-19 Residential Conveyance duties continue to reduce every year General rates increases moderated & more equitable
STAGE 2 REFORMS 2017-18 to 2021-22
Stage Two of the ACT Government’s taxation reform program will start in 2017-18. The initiatives in Stage Two will build on the progress made in Stage One.
Conveyance duty rates will continue to be cut every year with the revenue foregone replaced through the general rates system.
The Government is committed to keeping taxes as low as possible and will not be increasing the overall amount of tax revenue raised through its tax reforms. The increases in general rates are used to offset the cuts to conveyance duty. Reforms in Stage Two to continue cutting unfair and inefficient transaction taxes will result in significant economic gains in the wider economy through increased productivity.
While the Government’s tax reforms will make the ACT tax system fairer and more sustainable, the Government also recognises the need to provide support to families and individuals who need a helping hand. The Government will continue to provide concessions to households most in need of support.