End called for stamp duty: senior citizens

A new report has called for the end of stamp duty for older Australiansle homes, stamp duty should be ended in all states for seniors, said the new Realising the economic potential of senior Australians: Turning grey into gold report from the Department of Treasury.

The proportion of the population exceeding 65 years old is 6 per cent higher today than it was in 1970, and it is expected to jump 8 per cent, to 23 per cent, by 2050, according to the Australian Bureau of Statistics (ABS).

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“Government regulations are inhibiting senior Australians from obtaining housing that suits their needs. State and territory government stamp duties discourage relocation to more appropriate housing,” the report said.

The report called for more efficient taxes, such as a recommended annual land tax.

Treasurer Wayne Swan said the government would assess the report.

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