NSW Premier Dominic Perrottet will raise a proposal to replace stamp duty with land tax at a meeting with the federal government on Friday saying he wants to overhaul the tax but can’t do it without federal assistance.
The government has refused to release details of the proposed reforms, but the Premier said they would focus squarely on affordability and helping to remove hurdles homebuyers face buying a first home. New federal Treasurer Jim Chalmers has shown an initial willingness to discuss tax reform with state premiers including the phasing out of stamp duty. But on Monday, Mr Chalmers almost ruled out compensating the states for property tax reform.
However, spokespeople for both Premier and Treasurer Matt Kean have attempted to pour cold water on reports of an advanced plan to phase out stamp duty, arguing that the budget will include proposals focused on housing affordability which will progress stamp duty reform rather than anything substantive to overhaul the system.
First home owners don’t pay stamp duty so how is that helping people into the market?
NO!!!!!! This will be a massive, ongoing, never ending TAX!!!
NO!!!!!! This will be a massive, ongoing, never ending TAX!!!
A. Could this matter be left to the Consumer as Choice in NSW? B. Let customers have both options available to them to decide from, when the time comes.
I don’t want this. Imagine paying an equivalent tax for your whole life, rather than a one off payment. Adjust the current rate of stamp duty to reflect the property price increase
why would he need federal support.