A survey commissioned by the Property Council of Australia shows Australians consider a GST to be fairer than stamp duty.
Once an investor chooses the depreciation method used for an asset, it cannot be changed.
Foreigners buying houses in Victoria will be be required to pay new taxes.
This example shows that even when an investor has only owned and rented a property for a few weeks of the financial year, the deductions claimed from depreciation can still make a significant difference for the investor.
The Real Estate Institute of South Australia and the Real Estate Institute of Australia argue for an adjusted GST to replace stamp duty revenues.
In submission to the South Australian government, Property Council calls for stamp duty to be abolished.
If stamp duties are abolished the forgone revenue will need to be replaced by a higher GST, as advocated by REIA, or by a land tax which was advocated by the Henry Review.
Closing the gender pay gap is another important policy setting that the Government needs to look into given Australia currently has the largest gap in the last 20 years.
It's great that tax reform is high on government agendas around the country, but the fear is constructive dialogue will be ultimately lost in a jurisdictional and party political talkfest.
Aussie Home Loans' John Symond says the tax measure should be scrapped for luxury homes.
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