Stamp duty reform on the horizon

The NSW and Victorian Treasurers are working on proposals to scrap stamp duty for good, Sky News Political Andrew Clennell says. Mr Clennell said the proposal co0incides with Scott Morrison and Josh Frydenberg’s push for reform in a post-COVID economy. “In NSW, David Thodey, who is also on Scott Morrison’s COVID Commission, is preparing a review of federal-state relations to be finished next month which is expected to recommend scrapping stamp duty for a flat annual land tax,” he said. “Anyone who has already paid stamp duty would not have to pay the land tax. “People buying property would be given the choice of paying the land tax or stamp duty and the reforms would be phased in.” It’s understood prior to COVID-19, NSW Treasurer Dominic Perrottet wanted the federal government to foot the bill for a changeover, but due to the recent stimulus spending, he has “given that up”.

Source from: news.com.au