POPULAR WORDS

Queensland Premier Peter Beattie this week promised an overhaul of the land tax system at the Property Council's annual Premier's luncheon, to be announced when the State Budget is handed down on June 7. But, according to the PCA's weekly newsletter, he also ruled out abolition of stamp duty on commercial conveyances. Speaking to a capacity crowd of almost 600, the Premier said the property sector should not wait for the state to remove stamp duty – as Queensland "could not afford it". "There are major issues involved in abolishing stamp duty," he said. "However, I can promise there will be major land tax reform in the June 7 budget." PCA state president Mark Stockwell called for "fundamental reform of the valuation system." As previously reported by QBR, the Department of Natural Resources is preparing a Cabinet submission proposing a move from unimproved to site valuations. Sources believe this could be announced alongside cuts to land tax rates already flagged by Treasurer Terry Mackenroth.