The Australian government has recently introduced a Bill to change the GST law to require purchasers of new residential property to withhold GST from the purchase price and remit it to the ATO. This is an attempt to force compliance in the property sector. This Bill was introduced into Parliament on February 7, to deal…
Tag: tax
Stamp duty is making up 51.9% of tax revenue.
Revenue from property transactions accounts for 51.9% of total tax revenue for local governments Latest figures from the ABS (Australian Bureau of Statistics) in relation to taxation data for the 2015-16 financial year show that $49.5b in property taxes were collected by state and local governments. This was 9.6% higher over the year and is…
It’s time to address stamp duty on residential purchases as a way of freeing the market up for buyers
There’s a lot of chatter about housing affordability at the moment and with the timely release of the RPData Core Logic housing affordability report which has provided us with some great insights into where things are going. Mainly the national housing debate focuses on first home buyers and the growing deposit hurdle. Coupled with lower…
Negative gearing. It’s on everyones lips…
Until recently, most people didn’t even know what negative gearing meant, now that has all changed. So the basic argument is, make drastic changes to negative gearing and property prices will go down making it less attractive for investors to own property and make it more affordable for 1st home buyers. That’s all well and…
