Stamp duty it s time to take an axe to this anti-growth tax

Stamp duty – it’s time to take an axe to this anti-growth taxThe Property Council of Australia (SA Division) will strongly advocate for the abolition of stamp duty as part of the State Government’s tax reform initiative. “The Property Council has long campaigned for a comprehensive overhaul of the state’s tax system,” said SA Executive Director of the Property Council Daniel Gannon. “Any tax reform discussion must start with stamp duty – it’s a barrier to investment, growth, economic stimulation, labour mobility and discourages older South Australians from down-sizing. “Not only that, but stamp duty is a barrier for young people entering the property market. “South Australia’s tax regime is the worst in the nation, and that’s why it’s time to take an axe to the anti-growth tax in stamp duty. “But we also need to look at the overall tax burden imposed on South Australians. “Don’t forget that half a million South Australians are directly affected through their superannuation funds by the strength or otherwise of the property sector. “The property industry will be an active participant as part of the State Government’s consultation process. “And we’ll do so to ensure that the property industry is building more affordable homes and stronger local communities for South Australians. “We need a simple, equitable and fair tax system that encourages investment, increases business attraction and puts South Australia on the economic map. “But in order to become the most competitive state to do business in Australia, we need the right tax settings to cultivate an environment that encourages economic growth and job creation. “There’s been plenty of posturing in the past – following this week’s news, we look forward to active participation and actual results.”