Daily Bulletin


Real Estate

  • Written by Helen Hull


12 July 2016. The NSW Government has admitted that property transfer duty is an inefficient tax in its 2016 budget papers, according the Real Estate Institute of New South Wales.

REINSW President John Cunningham said a review of the tax system is necessary immediately.

“The NSW Government has openly admitted that taxes imposed on transactions, such as transfer duty [stamp duty] are relatively inefficient, because people react to them by moving home less often.

“Over and above the revenue generated, the state-wide economic cost for every million dollars of transfer duty revenue is estimated to be around $800,000,” Mr Cunningham said citing the 2016-17 Budget documents*.

“We again call for the NSW government to review stamp duty. Based on its own research the government should immediately cut stamp to encourage economic activity and address the inequities of bracket creep of this inefficient Tax.

“The state government have openly admitted that additional transactions would result from a reduction in stamp duty given that stamp duty would be levied on these additional transactions government revenue will not suffer. In-fact it would most likely improve based on similar changes that occurred in Western Australia and the Northern Territory when those states reformed their rates of stamp duty.

“It’s time to put first homebuyers first and provide them with the incentives to purchase property. What further proof does the government need to act?” Mr Cunningham said.
Writers Wanted

The government is spending almost A$24m to convince us to accept a COVID vaccine. But will its new campaign actually work?

arrow_forward

How Has Covid - 19 Affected The Restaurant And Hospitality Industry

arrow_forward

How to choose the right swimming pool

arrow_forward

The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Ray Hadley's interview with Scott Morrison

RAY HADLEY: Prime Minister, good morning.    PRIME MINISTER: G’day Ray.   HADLEY: I was just referring to this story from the Courier Mail, which you’ve probably caught up with today about t...

Ray Hadley & Scott Morrison - avatar Ray Hadley & Scott Morrison

Prime Minister's Remarks to Joint Party Room

PRIME MINISTER: Well, it is great to be back in the party room, the joint party room. It’s great to have everybody back here. It’s great to officially welcome Garth who joins us. Welcome, Garth...

Scott Morrison - avatar Scott Morrison

Prime Minister Interview with Ben Fordham, 2GB

BEN FORDHAM: Scott Morrison, good morning to you.    PRIME MINISTER: Good morning, Ben. How are you?    FORDHAM: Good. How many days have you got to go?   PRIME MINISTER: I've got another we...

Scott Morrison - avatar Scott Morrison

Business News

Features You Need in an Automated Employee Recognition Platform

Employee recognition platforms have been successfully implemented as a technique to study employee performance. It is a useful tool to reinforce particular behaviours, practices, or activities i...

News Co Media - avatar News Co Media

What Should You Check Before Ordering Promotional Mugs?

Promotional products like mugs are a great marketing tool because they are reusable and necessary. Moreover, mugs also come in handy while promoting a brand’s logo. They give better brand visibi...

News Co - avatar News Co

Tips to find the best plastic manufacturing supplier for your needs

Plastics are very much an important part of all of our lives, but they’re particularly valuable to a wide variety of industries that rely on their production for their operations. The industries, ...

News Co - avatar News Co



News Co Media Group

Content & Technology Connecting Global Audiences

More Information - Less Opinion