The Australian government needs to abolish the stamp duty tax, labelled as "one of the worst taxes" in the country, an organisation has advised, if it is serious about the future of the property market.
Many young Australians cannot afford to buy homes at the moment because prices are just too high for them, and the inclusion of stamp duty simply pushes this even higher.
Property Council of Australia’s chief executive, Ken Morrison, said that if the government has serious intentions towards long-term tax reform, then stamp duty has to be one of the first levies to go.
“This is a big opportunity for the industry to address what we know as one of Australia’s worst taxes – stamp duty," he told the Adviser.
He said that the council has no doubt that stamp duty is harmful to the growth prospects for the Australian property market, adding that the worst taxes need to be retired and replaced with more efficient options in the future.
Posted by Craig Francis
Many young Australians cannot afford to buy homes at the moment because prices are just too high for them, and the inclusion of stamp duty simply pushes this even higher.
Property Council of Australia’s chief executive, Ken Morrison, said that if the government has serious intentions towards long-term tax reform, then stamp duty has to be one of the first levies to go.
“This is a big opportunity for the industry to address what we know as one of Australia’s worst taxes – stamp duty," he told the Adviser.
He said that the council has no doubt that stamp duty is harmful to the growth prospects for the Australian property market, adding that the worst taxes need to be retired and replaced with more efficient options in the future.
Posted by Craig Francis
