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ISAs, benefits and mortgage support are all rumoured to be mentioned in chancellor Jeremy Hunt’s next autumn statement.
What will work for commercial and industrial properties ought to work for homes.
Neither NSW Labor nor the NSW Coalition is actually proposing to axe stamp duty. Neither are any of the other states or territories, apart from the ACT.
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An economist explains what young people need to know about the mini budget, and how to protect yourself financially.
Economists have long advocated replacing stamp duty with land tax. We find that the implications for housing prices depends on whether you own a house or an apartment.
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Charging for rezoning is a move other states should follow, as are land taxes. Stamp duty hikes, not so much.
House sales have brisk this year following the stamp duty holiday.
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A stamp duty holiday announced to avoid a housing market crash is not all it was cracked up to be.
Homebuyers would benefit from a stamp duty for land tax swap, and so would some homeowners.
Its “opt-in” proposal means some homeowners will never switch over and will never pay land tax.
Tasmania gets more of its revenue from “bad taxes” than any state or territory other than Victoria, and less from “good taxes” than anywhere other than Queensland.
Rezoning enormously increases the value of properties. Yet the developers who benefit don’t want to pay, in the name of “certainty”.
It would be a mistake to think that just because higher earners face higher tax rates, that’s what they pay. When it comes to income from savings it’s the other way around.
‘Pssst, wanna buy a house?’
At a time when so many are struggling, cutting stamp duty and helping the well off might seem like a strange move.
Boosting the GST and swapping land tax for stamp duty get headlines, but they never seem to happen.
It’s time to reform stamp duty, one of the most inefficient and distorting taxes collected by Australia’s state and territory governments.
Millions of Australians are struggling with unaffordable housing. It’s a systemic problem that’s been decades in the making, and only concerted system-wide reforms will fix it.
Eliminating stamp duty would bring on more real estate transactions, but that might not be a good thing.
The conventional case for swapping stamp duty for land tax will boost the economy has weak underpinnings.
The ACT has Australia’s best state tax system, NSW the worst.
The Grattan Institute says swapping stamp duty for land tax would make Australians up to $17 billion a year better off.
Gradually reducing stamp duty and negative gearing would minimise the impact on investors.
Housing affordability has declined significantly over the past few decades. Slowly reducing negative gearing and capital gains, and switching to property taxes, could reverse this trend.
Older Australians are not deterred by financial barriers as much as emotional ones, when it comes to downsizing.
When people do downsize, financial incentives are generally not the big things on their minds. And so most of the budget’s financial incentives will go to those who were going to downsize anyway.