It is happening gradually in ACT. SA is trying to follow suit.
'Flipping' is good!
From AFR:
Allowing property purchasers to choose between paying stamp duties up front or land tax in smaller instalments could be the solution to improving affordability and mobility, PwC says.
Modelling by the firm shows an average householder could save $10,000 over the life of 45-year home loan in NSW if they opted to pay land tax instead of stamp duty.
An economy-wide benefit would come from the gradual adoption of land tax over stamp duty, which is a major drag on the economy because it discourages downsizing and relocation.
The federal government agrees swapping stamp duties for a land tax on residential property is a good idea, as does NSW Finance Minister Dominic Perrottet.
