The Tasmanian Budget for 2012-13 was handed down on Thur 17.5.2012. The Tasmanian Treasurer announced that the Government will “increase some taxes in 4 areas where Tasmania’s rates are below those in other states and territories”. The changes are:
- conveyance duty – the conveyance duty rates and thresholds will be revised with a new top marginal rate of 4.5% for properties valued at above $725,000;
- insurance duty – the rate of duty charged on contracts of general insurance will be increased from 8% of the premium paid to 10% of the premium paid;
- duty on Motor Accident Insurance Board (MAIB) premiums – the duty on MAIB premiums will be increased from $6 per registration to $20 per registration; and
- motor tax – motor tax on light vehicles will be increased by 20%.
The increases are proposed to apply from 1 October 2012.
[LTN 94, 17/5]