{"id":25427,"date":"2020-05-26T10:33:17","date_gmt":"2020-05-25T22:33:17","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25427"},"modified":"2020-05-26T10:33:17","modified_gmt":"2020-05-25T22:33:17","slug":"will-stamp-duty-really-be-abolished","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/will-stamp-duty-really-be-abolished\/","title":{"rendered":"Will stamp duty really be abolished?"},"content":{"rendered":"<p><strong>PHOTO: Stamp Duty<\/strong><\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"32\">With the<a href=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=007736748303843525207:i95wheizs-a&amp;q=https:\/\/propertynoise.co.nz\/au\/house-ownership-is-out-of-reach-for-disenfranchised-millennials-says-corelogic-property-analysts\/&amp;sa=U&amp;ved=2ahUKEwiKpd_hiNDpAhXtwjgGHc5YAc0QFjABegQICRAC&amp;usg=AOvVaw12l1kyoyvZzPe2CRWUHAKf\"> stamp duty<\/a> \u2018rivers of gold\u2019 now turning into rivers of mud, state governments are looking for a more broadly-based tax system to keep their budgets afloat.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"33\">One suggestion up for debate is the prospect of nixing stamp duty in favour of broader taxes that will continue to drive income for them, year after year.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"34\">Whilst ongoing, secure funding is obviously essential to keep our state budgets healthy, I believe a broader tax policy can only be bad news for those who already own property and have already (quite literally) \u201cpaid their dues\u201d.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"35\">I\u2019ll explain why in a moment \u2013 but first, why has talk of abolishing stamp duty started to gain traction in the midst of a pandemic?<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"36\">And what does it mean for you?<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/interested-in-becoming-a-supporter\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image\" src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/04\/Supporter.jpg?resize=267%2C189&amp;ssl=1\" alt=\"Property Noise Supporter\" width=\"267\" height=\"189\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/interested-in-becoming-a-supporter\/\" rel=\"bookmark\">Interested in becoming a supporter?<\/a><\/h2>\n<\/header>\n<\/div>\n<h2 class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" style=\"font-size: 1.4em; margin: 0.5em 0px 1em; -webkit-font-smoothing: antialiased; text-rendering: optimizelegibility; line-height: 1.4em; color: #26282a; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;\" data-reactid=\"41\"><strong>Why is stamp duty in the news?<\/strong><\/h2>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"42\">According to the <a href=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=007736748303843525207:i95wheizs-a&amp;q=https:\/\/propertynoise.co.nz\/au\/homeowners-beware-reserve-bank-of-australia-issues-a-chilling-warning-that-will-have-all-mortgage-holders-worried\/&amp;sa=U&amp;ved=2ahUKEwjhnLzviNDpAhUEzzgGHW3mD1oQFjAAegQIAxAC&amp;usg=AOvVaw0OYLNCiD5rrSqhEE5y2NXk\">Reserve Bank Governor Phillip Lowe<\/a>, the best way for the nation to recover from this once in a century crisis is for governments to underwrite a business-led recovery.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"43\">He\u2019s suggesting that the way forward is to embrace the Henry Tax Review and adopt \u201clong overdue tax reforms\u201d, with tax reform across three pillars: income generation, consumption and land.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"44\">If I read between the lines this is actually a secret code for cutting business taxes, increasing the GST, and abandoning state-based property stamp duties in favour of land tax.<\/p>\n<p data-reactid=\"44\">READ MORE VIA <a href=\"https:\/\/au.finance.yahoo.com\/news\/will-stamp-duty-really-be-abolished-011122083.html\">YAHOO<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Is this Australia's cheapest home?\" href=\"https:\/\/propertynoise.co.nz\/au\/is-this-australias-cheapest-home-2\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar lazyload\" data-src=\"https:\/\/i1.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/05\/Is-this-Australias-cheapest-home.jpg?fit=636%2C382&amp;ssl=1&amp;resize=40%2C40\" alt=\"Is this Australia's cheapest home?\" width=\"40\" height=\"40\" data-pin-nopin=\"true\" 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to stop buying property NOW\" href=\"https:\/\/propertynoise.co.nz\/au\/rich-dad-poor-dad-self-help-author-urges-australians-to-stop-buying-property-now\/\" data-bump-view=\"tp\">&#8216;Rich Dad Poor Dad&#8217; self-help author urges Australians to stop buying property NOW<\/a><\/div>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Stamp Duty With the stamp duty \u2018rivers of gold\u2019<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/will-stamp-duty-really-be-abolished\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":25428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478098519,478098535,478100164,478098513,478101743,478099125,478098873,478098579,478098511,478098705,478098509,478109740,478098855],"class_list":["entry","author-data123nz","post-25427","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-home-ownership","tag-house-prices","tag-michael-yardney","tag-property","tag-property-correction","tag-property-crash","tag-property-investment","tag-property-market","tag-real-estate","tag-real-estate-agency","tag-real-estate-news","tag-reserve-bank-governor-phillip-lowe","tag-stamp-duty"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Will stamp duty really be abolished? - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/will-stamp-duty-really-be-abolished\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will stamp duty really be abolished? - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: Stamp Duty With the stamp duty \u2018rivers of gold\u2019Read More &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/propertynoise.co.nz\/au\/will-stamp-duty-really-be-abolished\/\" \/>\n<meta property=\"og:site_name\" content=\"Property News Australia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PropertyNoiseNZ\/\" 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