Released yesterday, Stamp Duty Reform: Benefits and Challenges draws on the most recent data to assess the benefits and reform considerations when phasing out stamp duty in favour of a broad-based land tax.
Families across all states and territories, except the ACT, are paying substantially more stamp duty when they move house than they were 20 years ago which is hindering mobility and the efficient use of the housing stock, according to the research paper.
The paper also explores how replacing stamp duty with a broad-based land tax in all states and territories would help improve economic efficiency, and that a shorter phase in period could help limit the impact of house price growth on the cost of the transition. The aim of transitioning from stamp duty to land tax is not to increase revenue per se, and the paper demonstrates that the transition can be achieved in a revenue neutral way.
Full media release here
Report here