Victoria’s peak real estate body is calling on the state government to scrap stamp duty and replace it with a tax even those who don’t own a home might have to pay
REIV chief executive Quentin Kilian said there should be a “staged transition” to a “broad-based tax” that would “be consistent with the average buy-sell cycle of around 11 years”.
“According to their calculations, with that small increase and a broadening, every state and territory could very much do away with stamp duty and land tax and get the revenue from a slightly increased GST.” First-home buyers would be exempt from paying stamp duty on this two-bedroom unit at 7/82 Buckingham St, Richmond, priced at $490,000-$535,000.
The inquiry launched in February and will analyse the property buying tax and examine interstate and international models as it explores potential alternatives over six months. Victorian first-home buyers don’t have to pay stamp duty on purchases $600,000 and less, and get reductions on purchases up to $750,000.
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