Stamp duty becoming hot topic issue
There's been a lot of noise being made in political circles lately regarding the Australian property industry, and it could benefit both investors and home owners-to-be. The topic that's getting all the attention is a simple, three-letter word that every Australian will be familiar with: Tax.
In a speech to Chartered Accountants of Australia and New Zealand and the Tax Institute on Monday, treasurer Joe Hockey made his view clear that the country's tax system was putting the breaks on its economic growth.
"My view is that our tax system is holding us back from reaching our end goal of a stronger economy," he told attendees in Sydney.
Though he did not single it out, Mr Hockey has previously noted his distaste for stamp duty. With tax set to be a major issue in the forthcoming election, it wouldn't be surprising to see the merits of stamp duty become even more of a hot topic, with individuals buying real estate in Deception Bay, Burpengary and other Moreton Bay areas the beneficiaries.
"Australians can't afford stamp duty and neither can the country. It is time our treasurers kicked the habit and stopped taxing away housing affordability," Ken Morrison, chief executive of the Property Council of Australia, wrote in a Daily Telegraph opinion piece the same day.
The speech was followed by the National Reform Summit on Tuesday 25 August, where 90 leaders from business, unions, academia and social services met to discuss the future reform agenda. The Property Council attended too, ensuring the property sector's desired policies were represented.
This year has seen a lot of talk about stamp duty, suggesting the issue could take centre stage in coming reform discussions. A little over a week ago, the Housing Industry Association held its Building Better Cities Summit, which focused on changing the tax system around housing. If you're hoping to buy property in Burpengary and nearby areas, you'll want to keep an eye on these developments.