Queensland Taxation Under Scrutiny
The nation's leading property industry advocate, the Property Council of Australia, has released a F2014 Taxation Blueprint, calling upon the Queensland government to undertake a program of strategic state tax modernisation.
The blueprint identifies two sets of actions which the Property Council of Australia believes to be critical for strengthening Queensland's economy.
The first action is to undergo a public review of Queensland's tax system in order to secure a new and modern tax system.
The second action is to remove the transfer duty for off-the-plan sales of new detached dwellings and apartments for a period of 12 months.
“It is a time for pro-growth reform, following on from the Final Report of the Commission of Audit and as the government readies to deliver its second budget," said Queensland executive director of the Property Council, Kathy MacDermott.
The Property Council argues that the state's real estate industry is hindered by an inefficient and inequitable tax system.
It asserts that property comprises 29.2 per cent of the state's tax burden every year and recommends that people looking to purchase homes or land for sale, as well as the state's entire economy, would be better supported through a system overhaul.