THE Property Council of Australia said it is disappointed with the NSW government's decision to again defer abolition of business taxes.
The state government has previously committed to abolish the taxes.
NSW executive director Glenn Byres said the government has effectively extended the life of transaction taxes which act as a deterrent to efficient investment choices.
“Mortgage duty and other relevant taxes have previously been scheduled for abolition and this is not the first time a decision has been made to continue them.
“Extending mortgage duty in particular leaves NSW at a position of disadvantage to other states which have previously scrapped it,” he added.
“The NSW Government has previously recognised the value of cutting transaction taxes – first shown when it met its commitment to axe the ad valorem tax on coming to office.
“It also illustrated an awareness that the property industry carries a heavy tax burden. It pays over one third of all state taxes and transaction taxes are also among the least efficient. The case for a complete overhaul of taxation is stronger than ever and all spheres of government need to collaborate on a process of tax reform.” Byres concluded.
Property Review
