The Real Estate Institute of New South Wales is calling upon the freshly appointed New South Wales premier, Gladys Berejiklian, to review property taxes, including stamp duty.
In his resignation speech, former premier Mike Baird said his greatest regret was not addressing tax reform. Reform was on his agenda, says REINSW President John Cunningham.
“A review of the tax system is necessary immediately," said Cunningham.
“The NSW government has seen windfall after windfall in recent years and it is time to give back," he said.
"We urge Premier Berejiklian to recognise that stamp duty has not been reviewed for 30 years."
Cunningham said it was an opportunity for the new premier to create a new sytem in which "property consumers aren’t being ripped off by outdated stamp duty brackets".
- reinstating incentives for first home-buyers purchasing existing properties
- reducing stamp duty for first homebuyers by 50 per cent for the purchase of a residential property less than $1 million, to address affordability pressures
- allowing buyers to pay stamp duty over time
- a one-off 50 per cent concession for the over 65s up to $1 million, to improve the property supply chain
“Premier Berejiklian and her government will see a $4 billion surplus for 2016–2017. By cutting stamp duty we are not asking government to reduce its revenue, to the contrary we believe, based on the experiences in other states, that a reduction in the stamp duty rate will generate additional market activity," said Cunningham.
Cunningham also proposed that the new premier, "to bring back a SEPP for Dual Occupancy" to improve supply and affordability.
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