The Real Estate Institute of Australia (REIA) has welcomed the comments made by the secretary of the Treasury, Dr Martin Parkinson, that there needs to be a move to abolish state based real estate stamp duties.
Mr Parkinson identified stamp duties as the biggest drag on productivity and a tax that inhibits economic adjustment.
“The REIA has long advocated reform of state property taxes,” said REIA acting president Pamela Bennet. “State based stamp duties are inequitable, inefficient and an unstable source of revenue for state governments. Stamp duties represent additional costs to property transactions, discouraging turnover of housing and distorting choices between moving house and renovating.”
“Abolition of stamp duties would not only improve mobility but also improve social and economic development. The abolition of all stamp duties and replacement with more efficient taxes will improve household consumption, a measure of economic wellbeing, by around 2%. The REIA will be taking this position to the Tax Forum in October and will be seeking a commitment from the state and Commonwealth governments to take an agreed and co-ordinated approach to an agenda for reform.”
We are extremely thrilled, and a little humbled to share our most recent award as No.10 Regional Office in the Ray White Network for 2020. The award recognises the achievements of our highly successful team who work tirelessly to ensure we deliver remarkable outcomes for our clients. The award is … Read more
The Byron Health Hub is a specifically designed purpose-built multidisciplinary health and wellbeing centre at the heart of Byron’s emerging medical precinct.
REIA Comments on Stamp Duties
REIA Welcomes Treasury Comments on Stamp Duties
The Real Estate Institute of Australia (REIA) has welcomed the comments made by the secretary of the Treasury, Dr Martin Parkinson, that there needs to be a move to abolish state based real estate stamp duties.
Mr Parkinson identified stamp duties as the biggest drag on productivity and a tax that inhibits economic adjustment.
“The REIA has long advocated reform of state property taxes,” said REIA acting president Pamela Bennet. “State based stamp duties are inequitable, inefficient and an unstable source of revenue for state governments. Stamp duties represent additional costs to property transactions, discouraging turnover of housing and distorting choices between moving house and renovating.”
“Abolition of stamp duties would not only improve mobility but also improve social and economic development. The abolition of all stamp duties and replacement with more efficient taxes will improve household consumption, a measure of economic wellbeing, by around 2%. The REIA will be taking this position to the Tax Forum in October and will be seeking a commitment from the state and Commonwealth governments to take an agreed and co-ordinated approach to an agenda for reform.”
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Awards for the Ray White Byron Bay team
We are extremely thrilled, and a little humbled to share our most recent award as No.10 Regional Office in the Ray White Network for 2020. The award recognises the achievements of our highly successful team who work tirelessly to ensure we deliver remarkable outcomes for our clients. The award is … Read more
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The Byron Health Hub is a specifically designed purpose-built multidisciplinary health and wellbeing centre at the heart of Byron’s emerging medical precinct.
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