Do you mind paying Stamp Duty ?

Following my last thread on this earlier this year more people agreed that they dont mind paying Stamp Duty on purchasing and some even "believe its their bloody duty to help the State and its citizens"

I have noticed a lot of new members so im asking the question again.

Being a Govt worker I always follow that mantra too every morning when I go into work.

I voted No , I believe its my bloody duty to help this State Financially and I for one dont mind even paying more Stamp Duty !
In fact if we get enough in the poll We can submit it to the State Govt for consideration in increasing it.
Stop being selfish and start thinking of the State for a change !!
Vote yes you do mind-- you dont want
Vote No you dont mind .-- you do want
Perhaps I should of rephrased the qyestion to a yes or no , but anyway its done now

 

Sometimes I pay extra

 

No I don't. It restricts the free movement of labour so its bad for the economy.

 

Generally I don't object to taxes. I consider them to be the price I pay for living in a society that has things like universally available health care and education. I do just consider it to be a part of the cost of doing business.

Things like taxes worry me a lot less compared to things like the exorbitant interest rate on credit cards, for example, or the ridiculous cost of using an ATM that doesn't belong to your own bank.

 

I don't think anybody likes paying it. If it was abolished I could see house prices easily jumping 5%+ as suddenly prospective purchasers would have greater purchasing power. However, it would be offset by other purchasers who also suddenly now enjoy greater purchasing power, hence prices would rise.

 

Don't mind it (not saying I love it), Its just a business expense. I know people who before the Sydney boom had money but refused to buy property because they were totally against paying stamp duty. Their regret now would weigh down the Titanic.

 

Im against it as it is a moving tax. Hence it is a tax on people who buy a starter home then later need to upgrade to family home then later downgrade. I.e. not wealthy people. Also a tax on divrorcees. Definitely not a tax on those with wealthy parents with trust funds. Its fairly unprogressive. A yearly land tax on all properties including ppor would be fairer. Which would be worse for me personally btw.

 

It's definitely not regressive - the more you pay for a property the more tax you pay. It's not unusual for Sydneysiders to contribute more than $50k to the government coffers.

 

Stamp duty should just be taken into account when deciding what a viable price for a property is. If there wasn't stamp duty you would have to pay the equivalent extra for the property anyway. You can reduce your tax payable to a very minimal amount with property, and save what you pay in stamp duty in a year or two anyway. So I like paying stamp duty its my contribution to the country and so me, and doesn't really cost me anything. Stamp duty should probably be increased. I think more land tax would be regressive, discourage investing, be passed on to renters. It would be unfair to pay that on top of council rates and water supply and disposal, garbage disposal. FSL, and CG tax as well

 

It's ********. I have already payed tax on the money I'm buying the property with. SA has the highest. Gov continuing to tax the **** out of this already dead economy. Don't know where they expect the money to come from in the next few years

 

Do first home buyers pay stamp duty ? If they up grade and build a new house do they do they pay stamp duty on the house?

 

Just pay it on the land I think

 

You have said here that you don't mind supporting the govnt but in the one below you say the government is out to get you, did you take your meds today son?

 

yeh, i love it.

 

I

In Sydney... probably!

 

People saying they like paying stamp duty cracks me up. So, if they get rid of it and you like paying so much why don't you just donate that money to the state government every time you buy a property anyway? I mean if you like it so much. I personally hate paying stamp duty and I think that it should be cut in half for starters.

 

Along with Politicians already increasing their wages by 50k this year. Nice little top up

 

Buy a house and a car in one financial year - dependent on your income you can effectively pay more than 100% tax.

 

In the good old days (and I'm only talking mid 90s) it was an appropriate amount of money to pay for the govt to do their business part of the transaction. For a sale under $150k it was under $3000 and seemed like a fair amount of money for titles to be changed etc etc

Now that you might be looking $25-50k in stamp duty I think it's excessive. It's not a just amount of money to pay for the transactions/work required by the govt. So now it's just a reaping of money.

I consider the personal income tax quite fair and I cop the tax I pay without whining too much. I just imagine that is goes directly to paying for quality care in hospitals and schooling etc rather than being wasted on boondoggle junkets for politicians

So no, I don't think it's fair. I think it should be a percentage up to a capped amount of $10k. If you are an investor then perhaps the cap could be increased to $15k

 

@darlinghurstsboy , is this a joke? You're even proposing to ask the State Government to increase it!!!

Being a public servant you obviously have little commercial nous and live in some fantasy world of the labour party. How many properties did you buy this year?

Stamp duty is an insidious tax. If all levels of government had the balls to equitably reform the ENTIRE taxation system then it would provide a more balanced platform to help drive growth through productivity gains (as one element).