REPLACE STAMP DUTY WITH A BROAD BASED LAND TAX

For years I have said that stamp duty should be abolished, it wasn't fair to keep such a tax when they brought in the GST, but typical of the Governments not wanting to let go such a huge cash cow for them.

Australia stands to gain $24.3 billion every year in GDP from 2047 if state governments phased out stamp duty replacing it with a broad based land tax. (its all about the money so dont kid ourselves)

Transitioning to this new tax system would also boost government tax revenue to $11.2 billion annually by 2047.

Currently in all states and territories, homeowners must pay stamp duty when they buy a home (yes and that's why people dont move around too much - its just too expensive to).  The transaction tax paid in a lump sum is charged at varying percentages depending on the jurisdiction.

If a broad based land tax was introduced, homeowners would be charged an annual levy, costing someone in Sydney or Melbourne between $1500 to $2000 a year on a median-priced house. (see they get more money than they normally would through the grouping of the properties and charging land tax, although the higher end properties would definitely benefit which I have always said why should they be paying $40k+ in land tax didn't make sense to me).  Some of these people have had the family properties (usually holiday homes) handed down to them, but they cannot afford the land tax every year - its just not fair.

Revenue generated from switching taxes would come about from 'productivity benefits' rather than homeowners direct tax contributions.

Interesting concept and as long as it benefits everyone I would be all for it. I have said for years that this country needs a total review on its tax system our taxes are way too high, yes I agree our services are very good but our benefit systems is not always the best as it doesn't encourage people to work does it?  If you work those horrendous hours and earn more than $180,000-$190,000 then you will pay 47 cents in the dollar.  Yes if you have a good accountant you will pay less, that's why I think its fair to pay a flat tax and no damn deductions then everyone pays the right amount of tax.

Obviously if its un popular with the voters then the mamby pamby Governments will not change anything.  Its well known that everyone wants to tax the bejeezes out of businesses but if you do that they wont grow and employ people. Businesses have to make money or what is the point of it all.

The Governments need to get savvy and think up other strategies to keep this Country alive and kicking and make sure that the top end of town doesn't always get it in the neck, that's why a flat tax would make it fair to everyone.
(just my opinion of course)

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