Australian Politics Forum - Abolishing stamp duty on home purchases...but....

Sophia Gold Member Offline Posts: 7864	Abolishing stamp duty on home purchases...but.... May 11^th, 2020 at 2:43pm ...there's always a catch.....what replaces it? Read on.... This being considered in times of Covid-19 effecting real estate sales plunge. . https://www.realestate.com.au/news/stamp-duty-numbers-crunch-shows-colossal-savi...
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John Smith Gold Member Offline Australian Politics Posts: 72313 Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #1 - May 11^th, 2020 at 3:29pm It should be removed. It stops movement in the property market.
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Re: Abolishing stamp duty on home purchases...but....
Reply #2 - May 11^th, 2020 at 4:05pm

John Smith wrote on May 11^th, 2020 at 3:29pm:

It should be removed.

It stops movement in the property market.

Last year a place in my street came up, slightly better position and a bit bigger land and it went for about 650K more than min but the stamp duty made it not worth to upgrade. Investment properties should get the full freight stamp duty but when you upgrade your PPOR it should only be levied on the difference.

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The_Barnacle Gold Member Offline Australian Politics Posts: 6205 Melbourne Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #3 - May 11^th, 2020 at 4:08pm John Smith wrote on May 11^th, 2020 at 3:29pm: It should be removed. It stops movement in the property market. Whilst that's true it also means that many people who have already paid stamp duty will now also be paying land tax I can see a lot of people not being happy with that
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Captain Nemo Gold Member Offline Australian Politics Posts: 8461 Melbourne Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #4 - May 11^th, 2020 at 4:31pm Next, they'll be taxing us to drink water ... Oh, wait. Then, they'll be taxing us to take a crap! ... Oh, wait.
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Gordon

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Re: Abolishing stamp duty on home purchases...but....
Reply #5 - May 11^th, 2020 at 4:44pm

The_Barnacle wrote on May 11^th, 2020 at 4:08pm:

John Smith wrote on May 11^th, 2020 at 3:29pm:

It should be removed.

It stops movement in the property market.

Whilst that's true it also means that many people who have already paid stamp duty will now also be paying land tax
I can see a lot of people not being happy with that

It wouldn't work that way.

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John Smith

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Re: Abolishing stamp duty on home purchases...but....
Reply #6 - May 11^th, 2020 at 4:47pm

The_Barnacle wrote on May 11^th, 2020 at 4:08pm:

John Smith wrote on May 11^th, 2020 at 3:29pm:

It should be removed.

It stops movement in the property market.

Whilst that's true it also means that many people who have already paid stamp duty will now also be paying land tax
I can see a lot of people not being happy with that

Surely they can work it so existing property owners who have already paid stamp duty are exempt from property tax for x number of years

Gordon wrote on May 11^th, 2020 at 4:05pm:

Investment properties should get the full freight stamp duty but when you upgrade your PPOR it should only be levied on the difference.

No. Again, it stops investors from moving properties. If you own a rental after a certain number of years you can renovate and upgrade your existing property, or sell and find another investment property. Stamp duty prevents the second one from occurring, which in the big cities often ties up properties nearer the cbd's. Besides, they already pay capital gains tax on their investment.

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« Last Edit: May 11^th, 2020 at 7:59pm by John Smith »

Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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cods Gold Member Offline Australian Politics Posts: 88048	Re: Abolishing stamp duty on home purchases...but.... Reply #7 - May 11^th, 2020 at 4:50pm its not right... one of the deals with the GST.. was that the States stop Stamp Duty... the hell they did.
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billy the kid Full Member Offline Australian Politics Posts: 145 Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #8 - May 11^th, 2020 at 4:57pm cods wrote on May 11^th, 2020 at 4:50pm: its not right... one of the deals with the GST.. was that the States stop Stamp Duty... the hell they did. What would you prefer to pay Darlin...gst or stamp duty...
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Baronvonrort

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Re: Abolishing stamp duty on home purchases...but....
Reply #9 - May 11^th, 2020 at 6:29pm

The_Barnacle wrote on May 11^th, 2020 at 4:08pm:

John Smith wrote on May 11^th, 2020 at 3:29pm:

It should be removed.

It stops movement in the property market.

Whilst that's true it also means that many people who have already paid stamp duty will now also be paying land tax
I can see a lot of people not being happy with that

We already have land tax for investment properties which landlords pass on to renters.

They should remove stamp duty without imposing land tax on properties that are not currently subjected to land tax.

Does anyone think the government will give up a tax that brings in billions without replacing it with another tax that brings in even more?

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Belgarion Gold Member Offline Australian Politics Posts: 5310 Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #10 - May 11^th, 2020 at 6:36pm John Smith wrote on May 11^th, 2020 at 3:29pm: It should be removed. It stops movement in the property market. I would say remove it for Australian residents, not for overseas investors.
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John Smith Gold Member Offline Australian Politics Posts: 72313 Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #11 - May 11^th, 2020 at 7:59pm Belgarion wrote on May 11^th, 2020 at 6:36pm: John Smith wrote on May 11^th, 2020 at 3:29pm: It should be removed. It stops movement in the property market. I would say remove it for Australian residents, not for overseas investors. that works
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John Smith Gold Member Offline Australian Politics Posts: 72313 Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #12 - May 11^th, 2020 at 8:00pm Baronvonrort wrote on May 11^th, 2020 at 6:29pm: We already have land tax for investment properties which landlords pass on to renters. I don't think we have it in Qld
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Baronvonrort Gold Member Offline Australian Politics Posts: 17520 Gender:	Re: Abolishing stamp duty on home purchases...but.... Reply #13 - May 11^th, 2020 at 8:33pm John Smith wrote on May 11^th, 2020 at 8:00pm: Baronvonrort wrote on May 11^th, 2020 at 6:29pm: We already have land tax for investment properties which landlords pass on to renters. I don't think we have it in Qld Perhaps you should start thinking. https://www.qld.gov.au/environment/land/tax
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Setanta

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Re: Abolishing stamp duty on home purchases...but....
Reply #14 - May 11^th, 2020 at 8:45pm

John Smith wrote on May 11^th, 2020 at 4:47pm:

The_Barnacle wrote on May 11^th, 2020 at 4:08pm:

John Smith wrote on May 11^th, 2020 at 3:29pm:

It should be removed.

It stops movement in the property market.

Whilst that's true it also means that many people who have already paid stamp duty will now also be paying land tax
I can see a lot of people not being happy with that

Surely they can work it so existing property owners who have already paid stamp duty are exempt from property tax for x number of years

Forever as they already paid what they were required by law when they paid the stamp duty. If it comes into effect if should only start from that date, there should be no retrospectivity.

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