I have argued for stamp duty’s removal several times in this blog so I wont repeat it all again but you can read it here…
- Every recent tax review has slammed it as a draconian and inequitable tax
- It is a disincentive for underutilised property to be sold to a more productive user (think downsizer vs first home buyer)
- It is a tax on relocating our labor force to where it is needed more.
- It taxes first home buyers several times trying to buy a small place and trade up.
- It taxes only people who buy real estate rather than hold real estate.
We have to pay tax of course but the State Governments are addicted to this one and they desperately need to kick the habit.