There is some debate on the stamp duty (as you know I have ranted about this for years, biggest rip off that we have had since the GST come in - stamp duty was supposed to go anyone remember that little gem).
NSW has recently announced that they want to do public consultation to seek the community's view on tax reform to reduce the upfront cost for property buyers - smells fishy to me. The proposed changes to stamp duty would see buyers being able to choose whether to pay the stamp duty upfront of opt into a new model that would see them pay a small annual fee for the life of ownership of the property - what about just paying a much smaller fee up front ???
Our current stamp duty is over a 100 years old - yeah and you have been reaping the benefits of it for so long no wonder you dont want to give it up.
(extract from our REIWA newsletter)
REIWA recently undertook initial economic modelling on the potential impact that a broad-based tax system would have in place of stamp duty, as well as a targeted approach aimed at seniors and first home buyers before being rolled out universally.
Specifically, what this means is, by introducing a broad-based tax system, payments will be made over a longer period, allowing those who need to move, the ability to do so. Having an opt-in model only on new transactions will mean that those who have paid stamp duty are not unduly hit by the replacement tax.
Just get rid of stamp duty altogether and put a once off fee instead is what I would recommend the Government needs to realise they have had that gravy train for so long now and its one of the biggest rip off's ever.!!
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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