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REIA calls for national property tax framework

A national Australian taxation framework for property needs to be created by the incoming government, the Real Estate Institute of Australia has stressed.

The Real Estate Institute of Australia (REIA) has called on the incoming government to create a national Australian taxation framework for property.

David Airey, president at the REIA, highlighted that the inefficiency of state property taxes had been raised in Australia's Future Tax System Review.

He suggested that a commitment needs to be made towards abolishing taxes such as the stamp duty.

However, Mr Airey said that there also need to be guarantees that there will not be an increased capital gains tax on property investments.

"The abolition and replacement of state property taxes with a broader-based, more efficient tax would provide large economic benefits, increasing GDP, household consumption, investment and improve labour mobility," he said.

One of the parties fighting for power is Labor, which has promised a $200 million (£115.4 million) initiative to increase the level of affordable Australian property in regional areas of the country, API magazine reported this week.

Posted by Craig Francis 

- property, tax, REIA

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