Federal treasurer Peter Costello has called for the abolishment of stamp duty on commercial real estate transactions.
It's a call that has been welcomed by Real Estate Institute of New South Wales president Cristine Castle
"Part of the original agreement with the States back when the GST was introduced was that they drop stamp duty by 2005," Castle said.
"We urge both sides of politics in New South Wales to back this proposal as it will stimulate the property market and help reinvigorate the State's economy."
NSW earns around $800 million annually from stamp duty imposts on non-residential real estate such as factories, shops, offices and land.
"This move is long overdue," said Castle. "These taxes have represented windfall gains to the State Government and should have been abolished in 2005 as agreed."
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
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.
We value your privacy and treat all your information seriously - you can check out