Excessive taxes leaving homebuyers slugged

Excessive taxes leaving homebuyers sluggedThe Property Council of Australia has released its Submission to the Federal government’s white paper on Tax Reform.Property Council NT Director Ruth Palmer said that this submission is centred on prosperity and fairness while using tax reform to grow the economy.”Taxes on property make up 9% of Australia’s total tax take, reducing this burden is a priority for the Property Council,” Ms Palmer said. The true cost of stamp duty over the life of an average mortgage is now $49,701 in Darwin.Conveyancing stamp duty and corporate tax are identified as the taxes with the highest cost to economic growth.The Property Council have advocated for several years the abolishment of stamp duty through GST reform.”An increase in the GST rate or broadening of the GST base is the most appropriate method to allow for the abolishment of stamp duty”The Property Council does not support the introduction of a land tax for the Northern Territory as this will further deter critical investment and infrastructure in Northern Australia.There are a few instances in which the Northern Territory has a competitive advantage over other every other state and territory and the taxes on property are one.”It would be foolish to even consider any policy that would threaten this competitive advantage; we cannot afford to increase the burden on housing costs which would make investment here unattractive”.Media contact: Ruth Palmer | M 04 428 314 | E [email protected]