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REIA calls on government to consider stamp duty

The current stamp duty system in Australia is inefficient, according to REIA president Pamela Bennett.

The current method of taxing Australian property transactions is inefficient and should be reconsidered by the government, according to the Real Estate Institute of Australia (REIA).

 

 

Pamela Bennett, REIA president, has called on the upcoming Goods and Services (GST) Distribution review to include data on the collection of state taxes and the role they could play in hampering economic activity.

 

 

Ms Bennett added that state property taxes can be a major source of revenue for the country but had to be handled correctly to ensure they do not make life difficult for the real estate sector.

 

 

"Revenue from conveyance stamp duties is highly volatile, unreliable and unpredictable and as such, should be part of the review of GST distribution to the states," said Ms Bennett.

 

 

The GST revenue was instigated in 2000 and is expected to distribute $50 billion (£34 billion) to Australian states throughout 2011-2012, with the intention of ensuring every state can provide public services to its residents.

 

 

Posted by Steve Douglas

- property, GST, sales, housing, stamp, duty, REIA

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