NSW Stamp Duty Abolition Discussion Continues
Australia property council releases a statement to the state government, to re – consider, their request for stamp duty abolition.
The latest figures revealed that this time the state government is about to generate a stamp duty revenue of about 8 billion dollars, the amount is double than that it was four years ago.
NSW Executive Director Glenn Byres siad, “Stamp duty is our most damaging tax and hurts homebuyers, businesses and the economy. NSW needs to put stamp duty abolition on the agenda as part of the national tax reform debate given it is our most damaging and inefficient tax”.
He further added, “As the state’s biggest industry, we’re keen to see a tax reform agenda that unlocks growth, creates jobs and helps create a better deal for homebuyers and business. Switching away from bad taxes like stamp duty to more efficient revenue sources like the GST would deliver it”.
Property Council and Housing Industry Association are forcing the NSW government to re consider their request, as it cause big problems for home buyers, businesses and the economy. It is expected that soon the state will be free from indeadequate tax i.e. Stamp Duty.