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Stamp duty debate ongoing

Stamp duty debate ongoing

A real estate veteran has criticised Mike Baird for calling for changes to negative gearing, urging the NSW premier to direct his attention to stamp duty and land tax instead.

Malcolm Gunning accused Mr Baird of “attempting to interfere in federal politics” after the premier called for changes to negative gearing in an address to the National Press Club in Canberra last week.

“Mr Baird is attempting to deflect attention away from what he and his government have control over – stamp duty and land tax,” Mr Gunning said.

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“If he is serious about making comments in regard to taxation reform, he needs to start looking in his own backyard and conduct a review of these outdated and unfair taxes.”'

“Mr Baird must butt out of the federal taxation debate, stop pointing the figure at someone else and take responsibility for first home buyers in NSW who are struggling to get onto the property ladder.”

Mr Gunning said stamp duty – which is at least 25 per cent of the purchase price of a new residential property – was “impeding” turnover of property in NSW.

“It is time to look after the best interests of the people of this state,” he said.

“It is time for Mr Baird and his government to make the tough decision to stop reaping the rewards of a failure to review stamp duty that is filling government coffers at record rates, and bring it back to levels that were intended.”

[Related: John McGrath slams state governments over property taxes]

Stamp duty debate ongoing
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