Industry push to overhaul property taxation following government's tax discussion paper.
Property Council of Australia chief executive Ken Morrison has responded to the federal government's tax discussion paper stating that it proves stamp duty is one of the most unfair taxes and should be abolished. "South Australia has already shown its willingness to take on tax reform, including stamp duty," said Morrison. "The other states and territories should now step up to the mark. Stamp duty is an inefficient, volatile tax – contrary to all best principles of taxation – and the states should not be relying on such a volatile income stream to fund essential services like health, education, infrastructure and transport."
Morrison told The Australian Financial Review that most obvious solution would be to broaden and increase the GST, but his organisation was open to discussion on a broad-base, low-rate land tax or other revenue options.