A key reform announced in today’s Victorian Budget 2023/24 is to replace the old stamp duty system for commercial and industrial properties with an annual property tax to boost business growth and create jobs. According to the Economic Growth Package announced today by the treasurer, the existing lump-sum stamp duty structure for commercial and industrial…
Victoria to launch Stamp Duty Reform To Boost Business, Industry and Jobs
Australian Housing Stamp Duty ‘Discourages People From Relocating’
Victoria’s largest source of tax revenue is inefficient, constrains property investment and will need replacing with support from the federal government, an inquiry has been told. The Legislative Council’s Economy and Infrastructure Committee is examining land transfer duty fees, known as stamp duty, which is tax paid by a purchaser on a property. Victorian Treasury…
Affordable Rental Housing Needed to Solve Australia’s Rental Crisis, Expert Says
An expert says that affordable rental housing and increased funding for homelessness services are necessary to solve Australia’s rental crisis as the country’s rental market continues to face unprecedented pressure. Professor Nicole Gurran, University of Sydney chair of urbanism and housing expert, on Jan. 17 said housing is an issue that needs to be tackled by all…
Hong Kong’s Leader Admits Loss of 140,000 Workers in Past Two Years
On Oct. 19, Hong Kong Chief Executive John Lee Ka-chiu released his first Policy Address since he took office on July 1, 2022. The report focused on importing talent and housing policies. The “Top Talent Pass Scheme” will be launched to attract talent from abroad. At the same time, he proposed to increase about 1,600…
UK House Prices Rise by 15.5 Percent in Biggest Jump in 19 Years
The average UK house price jumped by 15.5 percent year-on-year in July, marking the biggest increase in 19 years, official figures show. The average UK house price was £292,000 ($338,000) in July 2022, which is £39,000 higher than this time last year, according to the latest data from the Office for National Statistics (ONS). The…
Australian State Leader Pushes to Eliminate ‘Worst’ Tax
New South Wales Premier Dominic Perrottet’s bid to abolish stamp duty is back in the limelight, calling it the “worst tax” that a state could have. The premier has been outspoken on scrapping stamp duty—a significant one-off tax payment when purchasing a home—since he was the state’s treasurer. The state government’s proposed reform would give…
The Long Road Ahead for NSW Property Tax Reform
October 13, 2021
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Commentary Dominic Perrottet’s elevation from Treasurer to Premier of New South Wales (NSW) has brought attention back to his long-term plan to replace the stamp duty on property transactions with an annual tax on land value. Perrottet wants to make his mark as a reformer, and this is one key reform idea he developed as…
UK House Sales Slump 62 Percent After Stamp Duty Deadline
House sales slumped by nearly two thirds last month as activity cooled after the end of the full stamp duty holiday, new figures have shown. HM Revenue and Customs (HMRC) said an estimated 82,110 residential property sales took place in July, down 62 percent on June’s record levels. It compares with a frenzied June for…
Victoria to Become the ‘Most Highly Taxed’ State in Australia: Property Council
The Victorian state government is planning to hit homeowners, homebuyers, and investors with additional taxes to tackle its debt in the 2021-22 state budget. The Andrews Labor government said the budget would protect the state’s revenue base with $2.7 billion in austerity measures and a $3.6 billion program to reprioritise government spending. These measures involve…
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