ACT Chief Minister suggest paying states and territories to consider scrapping stamp duty

By |
The leader of the Australian Capital Territory has suggested the federal government should consider paying states and territories to engage in tax reform that could include scrapping stamp duty.

Under the leadership of Andrew Barr as Chief Minister and Treasurer, the ACT Labor Party has committed to phasing out stamp duty in the territory over the next two decades in favour of a property tax.

Speaking at the Housing Industry Association’s Building Better Cities Summit in Sydney yesterday, Barr urged his federal counterparts to incentivise the idea of tax reform for states and territories.

“I encourage the Commonwealth to consider incentive payments to the states to stimulate reform," he said,” Barr said.

"[Asset recycling] has been a very worthwhile exercise – encouraging states to put assets to most productive uses,” he said. 

“A similar idea for reforming taxes would be worthwhile. Political courage will be rewarded and generations of home buyers to come will thank us."

According to Barr, home-buyers, investors and the government will be better off in the ACT once stamp duty is abolished completely.

"Lower conveyance duty is a positive for housing affordability and is beneficial for first-homes buyers, downsizers and interstate migrants to the ACT," he said.
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Top Suburbs : queens park , wiley park , mt gravatt , wentworthville , mt colah

go back
Comments
  • Graham says on 19/08/2015 03:46:34 PM

    I'm pretty sure that the incentive has already been given - The GST 15 years ago! Ridiculous property taxes were supposed to go. It should have been conditional then.
    The only problem is that when Western Australia only gets back less than ONE THIRD of the GST we pay the Govt had to INCREASE LAND TAX to cover it. (Thank you South Australia!).
    Don't expect WA to agree to any increase in GST while this scam stays in place.
    The floor on GST should be at least 75% and anyone who wants to share in WA wealth, come live here. If we keep propping up the other states how will WA get the infrastucture that the other states already have?
    Yes a, non cumulative land tax on ALL individual properties would be fairer and then of course we would need to tax the other two asset classes, CASH AND SHARES.
    Why should only property holdings be taxed? Tax all of the three asset classes held as at 30th June, same as property.
    Currently its a bit like taxing people with i phones and not those with android.

Get help financing your investment



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here