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Australia’s peak property body has made a pre-Budget call for Tony Abbott to abolish “one of Australia’s worst taxes” – stamp duty.
The Property Council of Australia’s chief executive, Ken Morrison, said the government would abolish stamp duty if it was serious about fundamental tax reform.
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"We don’t have a timeframe yet, but the federal government has indicated it’s going to undertake a full review of Australia’s tax system,” he told The Adviser’s sister title, Real Estate Business.
“This is a big opportunity for the industry to address what we know as one of Australia’s worst taxes – stamp duty.”
Mr Morrison said the Property Council would actively participate in any debate on replacement revenue sources.
“We need to retire our worst taxes, like stamp duty, and replace them with more efficient taxes,” he said.
“There’s no doubt that stamp duty is a growth-inhibiting tax for the property industry.”
Real Estate Institute of New South Wales president Malcolm Gunning agreed, stating that the current state-based tax system is inhibiting economic growth and must be overhauled.
“We must move away from the narrow-based discriminatory taxes, including stamp duty, which inhibit growth,” he said.
“Instead, we need a modern, broad-based tax system that will provide the government with its revenue and not impede or deter investment.”
