| NSW to abolish stamp duty |
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Stamp duty could soon be a thing of the past for NSW homebuyers after the State Government announced its decision to abolish it altogether if a federal review of tax recommends it be scrapped. The news was received with cautionary approval by the Real Estate Institute (REINSW). REINSW President Steve Martin said that while it is a great step forward, there is no reason why Mr Costa and Mr Iemma can't act now and abolish it today. "The reality is that the review of taxation will not be completed for at least 18 months, by which time even further damage will have been inflicted on the NSW property market. "If Michael Costa believes that stamp duty should go, then he should act now and get rid of it today. "It is now vital that taxpayers, homeowners and the property sector keep the Iemma Government to that promise. "This is the first time that the NSW Government has even indicated it is considering removing one of the taxes which is crippling investment in the property sector. "The current rental crisis is the clear result of a flagging investment environment caused by the twin disincentives of land tax and stamp duty. "The time for action is well and truly here," Mr Martin said. |
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