Stamping on home dreams
A LOCAL real estate principal has called for a reform on stamp duty taxes that he believed could force Australian families onto the streets.
First National Tweed City principal Paul Charlton said it was becoming too taxing for working families to pay.
“Stamp duty has become nothing more than governments gouging money from those who can least afford to pay – working Australian families,” Mr Charlton said.
Mr Charlton said serious consideration was needed to address the problems with the Australian property market if there was going to be hope for future Australians to realise home ownership dreams.
“At a time when rents are soaring, vacancy rates are tight and there is a shortage of supply, there is a real potential that more Australian families will be forced onto the streets – increasing homeless rates and welfare payments and further adding economic stress to the Australian economy.
“In some cases, the one home and land package could be levied three times with stamp duty. I can’t think of another situation where the one item can be taxed three times.”
Mr Charlton said the federal tax summit expected to be held mid-year would be an ideal opportunity for a reform.
“Let’s just hope the governments don’t find the whole matter too taxing,” Mr Charlton said.
The NSW government announced last year that stamp duty would be cut to zero for off-the-plan home purchases worth up to $600,000 and would be cut by 25% for people who were buying a newly constructed home.