According to the Property Council of Australia, the next state government should implement a reduction in fees, taxes, and royalties in the real estate sector in New South Wales to boost investment, spur economic growth and create more jobs.
The industry group stated that its 2019 NSW State Election Platform was designed to ensure that New South Wales' heavily taxed environment does not hinder investment in the state. . The next government must guarantee a pipeline of domestic and foreign investment, said the Property Council.
The real estate industry pays more taxes than any other industry in the state. It currently contributes 54% of revenue from the state, accounting for $ 20 billion in taxes each year.
"The New South Wales Government must take into account the cumulative impact of property charges, royalties, taxes, and royalties by enabling the New South Wales" watchdog "to ensure that housing supply and affordability are not compromised by the overall tax burden. At the present time, no one in the government has a complete view of all the tax and regulatory costs imposed on individual housing, which means that no one controls these costs, and the government at all levels depends strongly incomes, "said Jane Fitzgerald, executive director of the Property Council, NSW.
The Property Council also insists on greater transparency in the collection of infrastructure taxes from state and local governments. This includes the disclosure of information on how these funds are spent and the publication of an annual report compiling local government revenues.
"We welcomed the announcement by the Treasurer this year that the stamp duty tax brackets would evolve in line with the Consumer Price Index. However, we would also like to see them realign to tackle the 30 years of media skidding. This would not only reduce the maximum tax rate for home buyers, but also stimulate the cooling of the housing market, Fitzgerald said.
The council's electoral policy platform also recommends that biodiversity fees be put on hold in new legislation until the cost / price impact has been determined by the government and advised communities and industry; and ensure that all new Special Infrastructure Contribution Plans (SICs) provide for appropriate transitional provisions to ensure that costs are reflected in the price of the land and not at the expense of the housing provider or the landlord. buyer of the house.
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