Calls to Axe Stamp Duty
Sashi Prasad Oct 15, 2020
For a median house price in Marsden Park [NSW 2765] of $799,500 you will need to pay an additional $31,410 in stamp duty. The issue says Erinna Giblin is that revenue from the duty depends on turnover, and at the same time it acts as a disincentive to change properties.
So it seems many experts, industry figures and even some politicians are calling to axe the unpopular stamp duty tax post COVID-19.
Although removing stamp duty would help people trying to break into the market or move to homes that better suit their circumstances it also presents governments with three main challenges:
Making the new tax fair for people that have paid stamp duty recently
Making the new tax fair for those that are asset-rich but income-poor, such as pensioners
Maintaining revenue during the transition phase.