Stamp duty keeps pouring in
New data confirms NSW collected record amounts of stamp duty – over $7 billion – in the past year and needs to be axed, according the Property Council.
As the commonwealth and states prepare to meet on tax reform, final data on the 2014-15 financial year from the Office of State Revenue shows the State’s dependence on stamp duty.
“Stamp duty keeps pouring into treasury coffers at the expense of homebuyers,” NSW Executive Director Glenn Byres said.
“NSW set three records in the past year – the most amount in total stamp duty collected, as well as the most amount from both commercial and residential property.
“A total of $7.01 billion in transfer duty on land was collected in 2014-15 – up 20 percent on the previous financial year.
“In June alone, $645 million in stamp duty was collected – the second highest month on record.
“Stamp duty is a rollercoaster tax that rises and falls with property markets and the states need to move to more efficient taxes if they want to reliably budget for services.
“We are pleased NSW is taking an open mind in the national tax reform debate and our research shows people believe alternatives like the GST are fairer taxes.
“It will make it easier to get rid of taxes like stamp duty that hurts homebuyers and the broader economy.”
Media contact: Glenn Byres | M 0419 695 435 | E [email protected]