Stamp duty....this has been and always will be a major factor when buying property and it does affect the type of property that you will be able to buy as this must fit this tax into your budget. Below I've posted several quotes from The Australian regarding this issue.
"Stamp duty on housing loans is set to be abolished after the Henry tax review, which is likely to recommend states be given a share of income tax to make up the difference".
"The most likely path to do this would be for the commonwealth to give the states the ability to impose their own surcharge on income tax, which would be collected for them by the Australian Tax Office".
"Having to pay stamp duty not only discourages elderly people from moving to more appropriate accommodation, it also deters people from moving house to a better jobs market".
"At a conference conducted by the Henry tax review at the Melbourne Institute last week, both international and Australian tax economists said stamp duty should go, with Melbourne University professor John Freebairn describing the tax as "a piece of garbage".
To read the full article and comments by the viewers, please follow this link:
http://www.theaustralian.news.com.au/story/0,25197,25669048-601,00.html
A lot of people ask me what there stamp duty will be on a certain home, so I've decided to give you readers a guide on how much stamp duty is paid per property:
$750,000=$34,200
$1,000,000=$47,7000
$1,500,000=$74,700
$2,000,000=$101,7000
$2,500,000=$128,7000
$3,000,00=$155,700
This information was gathered from the link below.
http://rol.osr.wa.gov.au/taxcal/
As you can see, the Stamp Duty tax has a major influence on the type of property you choose to buy. If this tax goes, this will allow home buyers to have more choices when looking to buy property.
Thinking of buying or selling in Nedlands? Call me anytime.
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