Tuesday, 24 May 2005 CFMEU welcomes Land Tax changes Today’s Land Tax changes by the NSW Government are a welcome first step to slow the slump in the NSW building industry, according to the Construction Forestry Mining Energy Union. The first budget by new NSW treasurer Andrew Refshauge announced the return of the tax free threashold on Land Tax for properties with land values under $330,000. CFMEU NSW Secretary Andrew Ferguson said the decision to reverse former treasurer Michael Egan’s controversial Land Tax changes was a positive for the industry, and represented progress in the union’s jobs campaign, but warned that the Vendor Duty Tax still placed the NSW industry at a competitive disadvantage. “The CFMEU welcomes the NSW Governments decision to reverse the controversial Land Tax changes made by former treasurer Michael Egan at last years budget, giving much needed financial relief to small mum and dad investors,” he said. “By reinstating a $330,000 threshold on Land Tax, Andrew Refshauge has removed this tax burden from 400,000 small investors who had suddenly been hit with tax bills of up to $2000. “However, the CFMEU believes there is a need for further change, with the Vendor Duty Tax, a tax unique to NSW, still putting our industry at a major competitive disadvantage to other states. “While the reinstating of a Land Tax threshold is a great win for the CFMEU, we intend to make further representation to the NSW Government about the threat to jobs that the Vendor Duty Tax poses to the livelihoods of many workers and small businesses.” Media contact: Tim Vollmer (CFMEU Media Officer) 0404 273 313 Andrew Ferguson (CFMEU NSW Sec.) 0412 511 994   [ more news ]