Realestate.com.au
A peak industry group has demanded the removal of one of the “most economically damaging taxes” by declaring war on stamp duty in Western Australia.
The Chamber of Commerce and Industry WA released its report Stamping Out Stamp Duty today, highlighting for the first time that scrapping it would not only improve economic efficiency, but benefit households on a lower income who bear the brunt of the cost.
The report, commissioned the Australian National University’s Centre for Social Research, revealed that the lowest income households had to allocate double the proportion of their income to property taxes (5.5%) compared to high earners (about 2%).
Its release marks the latest attack on the prohibitive tax, which economists say is outdated and inefficient.
To read the full story including comments from UDIA WA CEO Tanya Steinbeck, click here.