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Jessica Darnbrough
RP Data has called on the federal government to remove stamp duty and instead introduce a blanket land tax.
Speaking to The Adviser, RP Data’s research analyst Cameron Kusher said the current stamp duty taxes, which vary from state to state, are ineffective and overly “expensive”.
“Stamp duty has always acted as a deterrent to potential home owners. Especially in the current market, when a lot of buyers are cautious anyway, stamp duty isn’t helping push people on to the property ladder,” Mr Kusher said.
“It would be good to see the government introduce a blanket land tax at the tax forum later this year.
“I know no-one likes another tax, but it seems a little odd to put all the onus of generating revenue for the government on people that are buying and selling houses rather than the whole community.”
Mr Kusher said in the long run a blanket land tax would encourage property to change hands more regularly.
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