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The Property Council is urging the NSW government not to follow Victoria's lead and increase stamp duty and land tax for foreign property investors.
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Stamp duty for foreign buyers of Victorian real estate will rise from 3% to 7%.
But simply replacing stamp duty with a land tax would be politically unpalatable, according to research commissioned by the Property Council.
Reducing negative gearing and capital gains concessions will discourage ordinary Australians from investing in property, says the group.
Land tax reform is needed, says REIWA.
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