Submission on Property Tax Reform
UDIA welcomes the Treasurer’s appetite for reform in the property sector and we believe that the Property Tax reform has the potential to deliver significant long terms benefits for the economy and the people of NSW. At a high level, removing Stamp Duty, which is a regressive tax, should benefit residential markets, reduce acquisition costs, improve mobility and unlock greater productivity and market capacity.
The backdrop to this reform is a crucial period of economic recovery due to the COVID Pandemic, where governments have recognised the development industry as essential and a key economic bridge to maintaining jobs and driving growth. This response provides our detailed thoughts on a range of aspects of the reform.