that home buyers be given the choice to either pay stamp duty up front or pay a smaller annual property tax. Once a property has been designated as attracting land tax, it would remain so, even when resold. Premier Dominic Perrottet has called the idea a “once-in-a-generation reform” that would take the NSW economy up a gear.
But it also represents a crucial source of revenue, without which the states would be unable to fund services. Last financial year, the, equivalent to about 27.2 per cent of its total tax haul. The NSW government collected $9.4 billion, or 28 per cent of the tax total. Grattan Institute economic policy program director Brendan Coates said the economic argument in favour of abolishing stamp duty was unambiguous. He said land tax, like council rates, tended not to distort people’s decision-making, unlike stamp duty, which discouraged people from moving house or downsizing.
This political pain would be mitigated if an opt-in approach were adopted, and if the federal government stepped in to fill any revenue shortfall for the states, given the reform would boost the national economy and federal tax revenue. Instead, he signalled he would use next month’s Board of Treasurers meeting to push Victoria’s long-running argument for a fairer share of the federal infrastructure and GST carve-up. Victoria, along with NSW, has also been pushing for a “more sustainable” funding system for health, as the state struggles with hospital staffing shortages and a massive surgery backlog.
joshgordo No, fuck no. Land taxes can easily be every year, not indexed and can confiscate homes. Straight up cash crab and conversion of private property to the state. But just keep pissing us off.
joshgordo Property investors will pass this cost onto renters.
joshgordo Why did labor not take this to the election? stampduty
joshgordo Socialist governments don’t want you to own your own houses. They want you to rent them off the government for the rest of your life. Not only will you have your mortgage payments, but you will also have property taxes (3 or 4k per year) for the rest of your life. stampduty
joshgordo Be better to reform the whole property investment industry. It's destroying society.
joshgordo Death tax on way
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Source: FinancialReview - 🏆 2. / 90 Read more »