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Keneally Government must act on Henry Tax Review and abolish stamp duty
3 May 2010
“Treasury Secretary Ken Henry is right when he describes stamp duty as an ‘inefficient’ tax which should be abolished,” said REINSW President Wayne Stewart.
“Stamp duty is a disincentive to investment in the property market so it is welcome that the Henry Tax Review has recognized this and urged its abolition.
“It is now up to the Keneally Government to act on that recommendation.
“We also call on the Keneally Government to rule out any suggestion of broadening land tax in NSW.
“Any move to increase the land tax net to include assets such as the family home, would be viewed as unacceptable by voters and families across the state.
“It is imperative the Premier and NSW Treasurer provide certainty to the people of NSW and rule out any expansion of the land tax system immediately.
“REINSW also supports the Rudd Government’s decision to not reduce the capital gains discount and negative gearing benefits.
“Property investment in NSW needs every encouragement possible so the protection of negative gearing provisions and capital gains tax incentives, are welcome,” said Mr. Stewart.
Please direct media enquiries to Julian Brophy on 0408 276 749
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