State governments too dependent on stamp duty revenues, says report
Victoria has the highest dependency on stamp duty revenues closely followed by New South Wales, according to the latest Housing Industry Association Stamp Duty Watch report.
Australian homebuyers paid out over $21 billion in stamp duty to state governments during the 2017/18 financial year – and the total cost of the tax is expected to get even bigger over the next few years,” explained HIA Senior Economist, Shane Garret.
Chinese national Qi Yang confirmed as buyer of Melbourne's $40m Toorak mansion
The agent for the deal, Jeremy Fox of RT Edgar, told SCHWARTZWILLIAMS, the sale is a positive for everyone - the vendors, the tax office, builders, and architects - and helps to keep the whole market moving.
REIWA calls on state government for reforms to stimulate property market
The Real Estate Institute of Western Australia has made a submission to the WA state government ahead of the 2017 budget, calling for a range of reforms to stimulate the WA property market.
Recent changes to stamp duty in NSW mean that foreign investors now pay almost $100,000 in transaction taxes to acquire a standard apartment in Sydney.
