Gvt should re-think property taxes

By webmaster

The Government needs to address the issues of inefficient state property taxes and give assistance to first time home buyers, the Real Estate Institute of Australia (REIA) have suggested in a pre-budget submission.

Stamp duties representing added costs to property discourage buyers and swing favour towards renovating rather than moving, REIA president Pamela Bennett said.

"Inefficient state property taxes and the development of solutions to improve housing affordability and supply are key issues for the next financial year and we would like to see action from the Government," said Ms Bennett.

While stamp duties are not currently determined by the Federal Government, initiative should be shown to ensure that the states act unilaterally, she said.

The REIA also seeks for the government to help first time buyers who currently lack assistance in a difficult market, and suggests that not only should the grant be retained but reviewed to ensure it provides enough of a financial boost.

"The lack of financial assistance to first home buyers is an issue that requires considerable attention to ensure that property is affordable for young Australians and that they can one day aspire to own a home,” she said.

The REIA have also called on the government to retain current negative gearing arrangements, consider no Capital Gains Tax (CGT) on the family home, and no increase in CGT on an investment property.

They also submitted a request that first time buyers be able to use their superannuation to buy a new home.

“We expect the Government to consider REIA's submission carefully and make an accurate assessment of issues that are of great importance to the Australian housing market," concluded Ms Bennett.

Gvt should re-think property taxes
SPI logo
Thank you.

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

We will be in contact with you shortly.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
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
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
BLUE BAY 49.18%