Ms O’Neil says she can “certainly ask the states” to dump stamp duty.
States: Are you going to make up for any shortfall in revenue?
O’Neill: No, it’s a state matter
States:lol, get fucked then
The previous NSW Gov implemented a choice model of one big Stamp Duty payment or ongoing yearly payments. All it did was increase the price of houses by the amount of the Stamp Duty, and also increase rent as landlords could offload the yearly cost to the tenants.
The choice was removed again by the current Gov.This might be the first time I’ve ever agreed with something three business council has lobbied for.
IIRC a land tax instead instead of stamp duty per transaction was a recommendation from they Henry tax review.
Land tax is a wealth tax that the landed wealthy can’t avoid. Stamp duty is a transaction tax that creates friction in the market. Seems like an obvious winner to me.
Haven’t most of the states privatised (or commercialised) their Land Registries/Stamp Duty processes? How could this work if they have 50-year contracts with private businesses who are taking the proceeds of Stamp Duty transactions?
Payout massive penalties to mates to settle the breach of contract.
Sell off new contract with guaranteed profits to mates to stick it to the plebs again.
Simple, apply the toll roads business model… /s
Should be no tax for singular home owner occupiers. If you only own one home, that you live in, you shouldn’t be paying stamp duty or land tax. Ideally this would make it easier for older Australians to sell their home that they may no longer be able to maintain, and buy another smaller home without the added cost. You should only be taxed if you’re an investor
