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Land Tax vs Stamp Duty: Push to fine-tune taxation base; First homebuyers could be allowed to pay off their stamp duty over several years
Topic Started: 13 Oct 2011, 12:13 AM (2,327 Views)
Count du Monet
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Joseph
6 Aug 2012, 09:53 PM
We do it's called gst.
No, that's a one off! We need a tax every year!
Edited by Count du Monet, 6 Aug 2012, 10:41 PM.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Joseph
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themoops
6 Aug 2012, 09:46 PM
High house prices limit mobility. Not stamp duty. :re:
Actually if you had read the report it states that stamp duties effect on the labour market was marginal. But it did discourage Households fom moving to their desired size and form of housing. This has an effect on limiting the true supply of housing. The corollary of limiting housing supply is higher house prices.,Cheers!
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dgarbutt
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Joseph
6 Aug 2012, 08:30 PM
SA .gov is actually considering stamping it out completely (pun intended)

http://www.adelaidenow.com.au/news/breaking-news/sa-considering-stamp-duty-reform/story-e6frea7l-1226441149629

Propert turnover is so low this year they need to figure out some way out of their crippling debt. They actually had the gall to suggest it would save home owners 3k dollars a year even though they are planning a broad based land tax system to replace it. Turd bags.
Well I could think of one way to make that fair, as to in respect for people who recently purchased a place and paid stamp duty.

Convert the what you've paid in stamp duty into a prepaid land tax. Say you bought a house 4 years ago and paid, I don't know, $15k in stamp duty and land tax is $2k a year, then you wouldn't be liable for land tax for another 3 and a half years as you've already paid for the previous 4 years and you'd have another 3.5 years exemption on paying land tax.

I'm sure there is a hell of a lot more to it than that as I am no tax expert, or much of an expert in anything else for that matter.

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Joseph
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Count du Monet
6 Aug 2012, 10:09 PM
No, that's a one off! We need a tax every year!
Gst if a flat rate of 10pc of the purchase price so for a 600k dollar home 54k dollars is a one of payment in tax by the purchaser.

What rate did you have in mind for your newly invented tax?
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Count du Monet
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Joseph
6 Aug 2012, 10:59 PM
Gst if a flat rate of 10pc of the purchase price so for a 600k dollar home 54k dollars is a one of payment in tax by the purchaser.

What rate did you have in mind for your newly invented tax?
Well it's about $2,000 pa that SA is planning on the land, so how about another $2,000 on the improvements?
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Joseph
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Count du Monet
6 Aug 2012, 11:39 PM
Well it's about $2,000 pa that SA is planning on the land, so how about another $2,000 on the improvements?
Fair enough, fell free to lobby the government in 23 years :lol
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Admin
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No land tax relief in budget: Newman

September 4, 2012 - 4:22PM
Marissa Calligeros

Premier Campbell Newman acknowledges Queensland land tax has increased too much in the past five years, but says there will be no relief in next week's state budget.

Addressing a Property Council of Australia luncheon today, Mr Newman said the government could not provide relief on Queensland's land tax surcharge when the state needed to borrow the equivalent of 20 per cent – $10 billion – of its annual turnover.

However, he remained coy when asked about the possible extension of stamp duty concessions to Queenslanders buying house and land packages, saying that was a matter for Treasurer Tim Nicholls.

"A whole range of government taxes, particularly the land tax, have gone up far too much in the last four or five years," Mr Newman told the gathering of developers.

"There will be no relief on land tax, but what I can promise you though is that the days of all these taxes doing that, you know sort of zooming up like that, are over.

"We're trying to get a hold of these things and level it off. Down the track, if we can provide relief on land tax, I tell you what, I'm the first person to propose those sorts of things."

Read more: http://www.brisbanetimes.com.au/business/property/no-land-tax-relief-in-budget-newman-20120904-25c3x.html
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Our View with Chris Day: Time to stamp out inequitable duty

Chris Day
The Messenger
October 04, 2012 8:30AM

WHEN I moved house at the start of the year, no one from the government phoned up to offer me the lend of a truck.

No government official lent a hand minding the kids on moving day, or dealing with the real estate agents, banks, lawyers and utility companies.

The reason I raise this is because I'm still scratching my head as to why I had to pay the government thousands of dollars in stamp duty.

Of course, I understand that my stamp duty tax is used to pay for teachers, doctors, police and road upgrades, I just can't work out why people's need to move house relates to their ability to pay more tax.

I've moved twice in the past seven years and believe stamp duty on houses, particularly for first-home buyers, is inequitable. Most first-time buyers save like mad for years for a home deposit, only to discover they need a bigger loan to pay their stamp duty.

Stamp duty is a massive obstacle for young people getting on the property ladder and does nothing to stimulate the housing market or create jobs.

Read more: http://www.adelaidenow.com.au/news/opinion/our-view-with-chris-day-time-to-stamp-out-inequitable-duty/story-e6freabc-1226486670560
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Time for a rethink on stamp duty

by: Jessica Irvine, National Economics Editor
From: News Limited Network
November 11, 2012 12:00AM

WHAT if I told you there was a way to make housing more affordable, cut congestion on our roads, lower joblessness, boost productivity and stimulate economic activity?

Would you do it?

No, is the answer if you are federal assistant Treasurer David Bradbury. Mr Bradbury thinks a proposal by state treasurers to abolish their stamp duties on property sales in return for a bigger slice of the federal government revenue is "ridiculous'' and "ham-fisted''.

First up, this is particularly unfair given it was the Treasurer, Wayne Swan, who tasked the state Treasurers to investigate options for reform of inefficient state taxes like stamp duty.

Second, on a scale of one to evil, stamp duty is the green-vomit spraying, head-spinner of the tax toolbox.

The Ken Henry review recommended the complete abolition of stamp duties. This should be funded, he said, by an extension of "broad-based consumption taxes'' (that's the GST to you and me, although the review was expressly forbidden from mentioning the GST) or by extending land tax to residential properties.

Stamp duty, by contrast, is a tax on transactions. And guess what, when you tax a transaction, people don't want to do it as much.

As an aside, have you ever wondered why it's called stamp duty? In colonial days, a physical stamp had to be attached, or impressed, to all contracts before they became legally binding. A fee was charged every time and such "stamp duties'' were a major source of revenue for the early colonies, applying on a host of transactions, including wages, cheques and sales of beer, cattle and pigs.

Most of these duties have since been removed, but stamp duty on property sales is one a handful remaining.

Stamp duty on property is particularly inefficient because it means fewer houses are transacted than would otherwise be the case. This means people stay in homes that don't meet their needs, at a cost to their happiness, but also broader society for a number of reasons.

By keeping people in homes to which they are unsuited, stamp duties lead to an inefficient use of the housing stock, pushing up prices. Our needs for housing change over our lifetimes. We are, if we're lucky, born into a family home. In our 20s, we move out into flats or apartments. At some point, we start a family, requiring a bigger home. When the kids move out, we downsize to smaller, easier to maintain properties.

People also move house to be closer to a job or when relationships break down.

But when stamp duty is charged, some older people don't downsize. Given the lack of supply of new homes, young couples are increasingly forced to raise children in apartments or cramped living conditions.

Stamp duty also hurts affordability for young people because it means more people choose to renovate their existing homes, rather than moving to a bigger one. This ups the size of all homes, in turn making them less affordable, not to mention expanding their footprint on the environment.

Stamp duty also leads to higher unemployment by discouraging unemployed people from moving to a job in a different city. It may also stop employed people form moving to a better paying job.

If people do change jobs, but stay in homes far away from their new work, they face longer commutes, creating greater road congestion. As anyone who has ever been stuck in traffic knows, congestion imposes a cost on all commuters and the economy through lost production.

Stamp duty is a huge upfront cost for first home buyers just at the time when their budgets are most stretched.

And it is an unfair tax because it taxes people not according to their ability to pay but depending on how often they move.

Read more: http://www.heraldsun.com.au/business/jessica-irvine/time-for-a-rethink-on-stamp-duty/story-fnfhw5ld-1226514258822
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miw
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Quote:
 
As an aside, have you ever wondered why it's called stamp duty? In colonial days, a physical stamp had to be attached, or impressed, to all contracts before they became legally binding. A fee was charged every time and such "stamp duties'' were a major source of revenue for the early colonies, applying on a host of transactions, including wages, cheques and sales of beer, cattle and pigs.


What do you mean "colonial days". I can remember tax stamps (which could be stamp duty or PAYE tax) as recently as the 1970s. You bought the stamps from (I think) the post office and you would affix them to documents and use them to pay small tax bills.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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