Stamp-Duty..

Discussion in 'The Buying & Selling Process' started by willair, 7th Apr, 2020.

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  1. willair

    willair Well-Known Member Premium Member

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    This may be the time to dump ''Stamp-Duty..

    Stamp Duty from what i read from people at the Grattan Institute is that replacing stamp duty with a broad -based property tax how that would work i'm not sure..
    But with the way property sales may go over this year from buying and selling a lot of people don't sell or buy because of the costs of stamp duty and other transaction costs as most homes are more likely to renovate than move..
    If this tax was lifted it may well free up more properties as people may well sell,what do you think..
     
  2. thatbum

    thatbum Well-Known Member

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    Wasn't part of the suggested replacement an increase to land tax to compensate though?

    Be careful what you wish for!
     
  3. willair

    willair Well-Known Member Premium Member

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    I was looking from another angle as it is massive source of revenue for all the states and when it's booming not so much as we may well see when property sales may slow..
    At least Stamp-Duty only applies when you buy,Land Tax revenue may also fall as it is a fixed asset that is taxed each year if the value of the property may well fall over the next few years..
     
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