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Burdensome stamp duty must be scrapped

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Australian Broker | 31 Mar 2015, 08:00 AM Agree 0
The industry is calling for urgent action on stamp duty tax after the release of the federal government’s tax discussion paper, which admits it can be a “tax burden” on consumers
  • Vic Regional Broker | 31 Mar 2015, 09:27 AM Agree 0
    I recall that when the GST was to be introduced State Stamp duty of land transfer was to be abolished!

    It never happened , it really needs to be revisited for the reasons set out in the article.
  • WA Broker | 31 Mar 2015, 10:02 AM Agree 0
    Remove the Stamp Duty & move straight to a more comparable (as compared to other developed countries) GST/VAT, WITH BETTER STATE BY STATE DISTRIBUTION - eg 12-12.5%.
  • DanG | 31 Mar 2015, 10:03 AM Agree 0
    Stamp duty is a reckless disregard to the way tax was intended.

    Tax is meant to be a small percentage of the amount of your outlay

    If I purchase a small rental in QLD at $200k and contribute $20k from my own funds. The stamp duty is $5,812. 29.06% of my outlay.

    Seems ridiculous that this ever stuck to the wall.
  • Ryle Purich | 31 Mar 2015, 10:06 AM Agree 0
    If any state tax is to be abolished or reduced I think payroll tax would be a higher priority than stamp duty. It would have to be the most insidious tax ever invented.
  • Papery | 31 Mar 2015, 11:24 AM Agree 0
    Yeah...careful what you wish for kids.....wait till they reduce stamp duty & implement GST against property transactions, return of the BAD taxes....
  • John | 31 Mar 2015, 11:57 AM Agree 0
    This was suggested some 20 years ago, nothing new. Stamp duty should only be paid on the difference between the former price and the new price, this would be a fair way?
  • Ron Clarke | 31 Mar 2015, 04:28 PM Agree 0
    Ok so we cancel stamp-duty, were do the state governments raise the taxes to educate your children, build your roads and look after the sick? How about a 15% GST, and no tax concessions on housing, cancel the negative gearing rort and tax the gains on the family home.
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