news

Stamp duty under fire again

0

First National Real Estate CEO Ray Ellis has slammed stamp duty on house sales as “inefficient” and “a complete rort”.

The reaction comes after reports that the property industry would support moves to replace stamp duties with another form of tax.

It has long been recognised that stamp duty as a tax is inefficient and a complete rort, Mr Ellis said.

“So, while First National Real Estate agrees it needs to go, it does not support the notion that it be replaced with some other tax.”

Mr Ellis said stamp duty should have been phased out with the introduction of the GST in 2000.

“Now, more than a decade on, we are still being burdened with stamp duty,” he said.

“What’s worse, the property industry appears to be portrayed in some news articles as willing to settle for replacing the duty, instead of having it abolished altogether.”

Mr Ellis said the upcoming 2011 Federal Tax Summit presents the ideal opportunity to get blanket approval from state and federal governments to abolish the levy.

“The government needs to look at policies that will encourage mobility rather than inhibit it.”

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
PAMBULA 42%
2.
MILSONS POINT 41.26%
3.
SPEERS POINT 39.69%
4.
SPRINGWOOD 37.72%
5.
ILUKA 36.3%