Stamp out this tax

Date: 4 March 2011

Chansis First National Real Estate Principal, Alex Chan, has joined the voices calling for a reform of state taxes, particularly inefficient ones like stamp duty, saying it was proving too taxing for working families to pay.

“Stamp duty has become nothing more than governments gouging money from those who can least afford to pay working Australian families,” he said.

“Australia has already proven to one of the most expensive property markets in the world and excessive property taxes, like stamp duty, is making it incredibly difficult for new entrants to gain access to the market or for existing home owners to upgrade.

“According to two independent studies, the Demographia International Housing Affordability Survey 2011 and the Housing Industry Association’s most recent survey, residential property in Australia has become increasingly unaffordable.” Mr Chan said the situation with the Australian property market is becoming untenable and needs to be addressed at a national level.

“We have a chronic shortage of supply, worsening home affordability and an increasingly tight rental market, which could all be partially addressed with a more realistic approach to property taxes, such as stamp duty,” Mr Chan said.

“In some cases, the one home and land package, could be levied three times with stamp duty. I can’t think of another situation where the one item can be taxed three times.”

Mr Chan said that at a time when rents are soaring, vacancy rates are tight and there is a shortage of supply, there is a real potential that more Australian families will be forced onto the streets increasing homeless rates and welfare payments and further adding economic stress to the Australian economy.

Chansis First National Real Estate

Article date:  4 March 2011
Back to articles Filed under: Media / NSW News Tags: stamp duty
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