THE NT Government will raise some taxes to try and and shore up its ailing Budget.
Treasurer Nicole Mansion today announced a range of revenue raising measures ahead of the May 2 Budget.
Pokie taxes will rise, stamp duties on higher-priced ($3m plus) properties will go up and motor vehicle registration fees will also increase.
Ms Manison said changes to community gaming machine tax rates and thresholds, would return them to closer to pre-2009 levels.
This means a reduction in thresholds for clubs and hotels in 2017-18. There is a further adjustment in thresholds and tax rates for hotels in 2018-19. These measures are expected to provide approximately $3.1 million in 2017-18 and $4.6 million in ongoing additional revenue from 2018-19.
A rise in the stamp duty rate on high-valued properties, including commercial properties, to 5.75 per cent for properties valued at $3 million to less than $5 million, and 5.95 per cent for properties valued at $5 million and above.
This will have no effect on households or small and medium businesses. It is expected this will raise approximately $4.2 million in revenue.
A moderate increase in motor vehicle registration fees.
It is expected total registration costs will increase by around four to five per cent for small and medium cars, and about seven per cent for larger vehicles. For example, registration for a small car will increase by approximately $22 per year, about $30 for a medium sized car and around $60 per annum for a large four wheel drive. Registration for a motorbike will rise by around $5 to $7 per annum. This revenue measure is expected to raise around $5.3 million per annum.
Ms Manison said the measures are tough but fair, given the economic challenges facing the Northern Territory, and the need to invest in jobs and deliver on election commitments.
“This budget is a clear plan to invest in our future – it will focus on jobs, children and community and will see us deliver on our election promises,” she said.
“We are doing this against a backdrop of serious economic challenges for the Territory, made worse by the Federal Government’s $2 billion cut to our GST over four years.
“As a result, and even including the revenue measures we are announcing today, we will have a $1.3 billion deficit in 2017/18. But this is not the time to hurt Territorians even more by making large scale cuts.
“With a slowing economy now is the time to invest in jobs and the future of the Northern Territory.m.
Ms Manison said Government is also playing its part, including savings in the public sector totalling $150 million over the next two years.