The Housing Industry Association has called for the government in Australia to end the stamp duty levy, as well as taking away other taxes that it has called 'ineffective'.
Graham Wolfe, the body's chief executive, said that stamp duty is not only ineffective as a tax, but also claimed that it works against buyers by stopping them from moving home and meaning they can't buy the right size of property.
It is a similar issue to that seen in the UK at the moment, where many have called for an end to the archaic system of calculating stamp duty that has seen sales of certain values of property drop in recent times.
Mr Wolfe went on to add that the taxation burden on the Australian property market is far too severe, with 40 per cent of the price of build and sale of new homes being taken up by "direct, indirect and hidden taxes".
The HIA wants to see changes so that there is at least more affordability for families, which would come to fruition through giving them a greater level stamp duty exemption.
Posted by Steve Douglas
Graham Wolfe, the body's chief executive, said that stamp duty is not only ineffective as a tax, but also claimed that it works against buyers by stopping them from moving home and meaning they can't buy the right size of property.
It is a similar issue to that seen in the UK at the moment, where many have called for an end to the archaic system of calculating stamp duty that has seen sales of certain values of property drop in recent times.
Mr Wolfe went on to add that the taxation burden on the Australian property market is far too severe, with 40 per cent of the price of build and sale of new homes being taken up by "direct, indirect and hidden taxes".
The HIA wants to see changes so that there is at least more affordability for families, which would come to fruition through giving them a greater level stamp duty exemption.
Posted by Steve Douglas
