property buyers will be able to choose between paying stamp duty or a much smaller annual tax. Once a property has been traded without stamp duty it will remain in the new annual taxation system for all subsequent owners. It is anticipated stamp duty will be fully replaced in NSW by the annual land tax by around 2050.
“Taxpayers who might, for any number of reasons, prefer to pay stamp duty upfront on their property purchase may be dissuaded from purchasing properties that have already been opted-in,” its submission says. King & Wood Mallesons partner, Katrina Parkyn, said while the opt-in nature of the proposed tax change was appealing, it created major challenges.
A spokesman for Treasurer Dominic Perrottet said consultations with the community about the proposed reforms were ongoing.Ms Parkyn said the annual property tax rate could change in future introducing an element of long-term uncertainty not now associated with most property purchases.
MattWadeSMH This is just self-interested whinging from property industry scavengers. If they think there are better 'alternative options for transition', let's hear them! Dom_Perrottet
MattWadeSMH Annual land tax is a really bad idea and disproportionately affects lower income households. It also leads to people being forced out of their home if the suburb they live in becomes trendy and desirable, driving up values. Happens in the US all the time.
MattWadeSMH A gift to the libs' property developer donors. Perrotet should have been sacked for defrauding the workers compensation scheme by now. It's a stain on this gov he remains.
MattWadeSMH Is reducing distortion..... also distortion?
MattWadeSMH All this is academic once the next crisis hits and they turn off stamp duty over night.
MattWadeSMH Stamp Duty already distorts the market. The proposed change will just distort differently. Do you know we once paid stamp duty on Share transfers. Can you explain have removing SDuty from share transfers distorted the equity market?
MattWadeSMH Has Dommi died his hair? Does he go to the same ‘hairdresser’ as Barra and ‘Dru Constance❓
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