Removing Stamp Duty is a terrible idea

We need to increase stamp duty for foreigners to 15% like in Canada/Singapore or even to 30% like in HongKong. Too much speculation going on.

 

Stamp duties should go, or be severely diminished at the very least.
I believe the kindest thing we could do for this country is strip out all un-necessary government rip-offs in relation to the supply of energy, the supply of land, the supply of property services and the supply of anything else governments get involved in. It’s simply bizarre to think that the reason people might rally to leave stamp duties in place is that they know it is simply a lesser evil than the next crack-pot scheme that would replace it – ie an annual property tax (read river of gold for government).

Another classic example of the way we are ripped off by government in this country is the annual charge on companies charged by ASIC. It was reported the other day that by charging each Pty Ltd company an annual filing fee of $246, together with other fees the government raises $720m annually, yet with the effective use of technology it costs only $6m pa to run that ASIC registry. What an absolutely unjustifiable rip-off of small business owners in this country!

And wouldn’t treasury just love to replicate that ASIC business model by collecting an annual property tax from investors (that other group that lefty governments hate)! Their uber-lazy solution to fixing the budget blackhole is to grab as much as they can from the pockets of investors and self-funded retirees, instead of trimming government waste and over-cooked welfare.

 

Yeah, govt has lost it's way, instead of being services for the people, they nearly all now think they are private operations to make money, it is out of control.

One example, is when you did a trade years ago, you got your license for life, now, they require a ridiculous payment to keep your qualifications, even if your not working in the field, many times the idea of trade was something to fallback on.

Look at all the training organisations, this is a big organised way to make money for business and govt.

 

How else would you prefer ASIC to be funded - especially so that it can fund (at times very expensive) legal action against companies and directors that have contravened the Corps Act?

If everyone did the right thing maybe ASIC wouldn't have to raise so much money in order to hold dodgy companies to account...

 

Cut waste and use taxes wisely perhaps ?

 

Hi Marty
My view is that in a fair and just society the funding of any ASIC ‘policing’ should be borne by the ones who have most to gain from the bringing of the bad guys to justice…..ie the general public. Ideally this type of thing should be just one of many items in the terms of reference of a sweeping federal tax review. Doubt it will happen though as treasury is just so sneaky. Why should one subset of the community (small business) get gouged at 100 times the fair cost of running the public register (far higher than in any other country I might add) to bear this community cost ? The answer is simple – because they can. As I say just another example of lazy government and world’s worse practice. Small Business Ombudsman Kate Carnell has also had plenty to say about this register being treated as a profit centre rather than a user pays system. Cheers.

 

Having brought my micro software company from UK, this is the tax that really grates with me. In UK when Companies House changed from microfilming docs to scanning they cut their charges. The annual filing fee is now something like £15, say $25. Even better, if you want to view the records of another company you used to pay something like £10 a document to be sent a microfilm and now you can access all of a company's filed records and accounts without charge Companies House service

 

don't you love NZ, investor friendly. I like countries who are kind to property investors

Aus wants 3 bites of the cherry, stamp duty, GST and capital gains tax

 

Yeah i try hard to invest in OZ ...but the govt take too much .

 

What's inherently wrong with "speculation"? Every investment is speculative and I for one would encourage a free market.

 

Yes...We are all speculators?

 

Dean why on earth would you think that imposing massive taxes on transactions of assets is a good thing?

 

Tax has to come from somewhere at the end of the day, if we scrap Stamp Duty, Land Taxes, etc. your left with having to raise more tax from labour.

We already get a pretty good run with taxes when it comes to investing through the 50% capital gains discount.

 

It keeps the underfunded and the rabble locked out of the market. Do you have a problem with reduced competition?

 

Yes it does indeed. And yes I support open competition with as few barriers and costs to transact as possible.

 

In my view there should be be tax on capital gains. Stocks / property etc. Just like in HK. And Singapore. Etc.

Save money by cutting the dole.

 

Agree totally

The focus shouldn't be on taxes

It should be on how they are spent

(It seems to me in this age of technology and efficiency that government is an ever expanding monster )