Should Stamp duty be in a property advertised price?
Once again prices of real estate is going up and up and with that comes increased government revenue from ‘stamp duty’
For those who don’t know ‘Stamp Duty’ is a tax that is paid on the transfer of land from one holder to another at the point of settlement. It can literally add 10s of 1000s of dollars possibly even 100s of 1000s of dollars to a property’s sale price. It serves little to no purpose other then to give money to your state government. Every state has a different rate of the duty with Victoria being the highest. Stamp duty was meant to be abolished with the introduction of the GST but it wasnt.
Considering we ‘include’ GST in an advertised price, as well as fuel excise tax why isn’t the duty incorporated into the price?
TL: Do you think stamp duty should be added to a property advertised price?
I'll clarify because people a few questions have been asked - when you buy a house the price is variable the duty cost would be a 'estimate' on the quoted price….
For people with concessions you could easily put the duty cost in brackets like a cars on road costs
As for price variations at sale - THE SALES PRICE should be no more then 10% from the advertised price thus the difference in cost should be based around that 10% range… The fact the arguments im getting are the 'sales price' is somewhat unpredictable is more a problem with the system as a whole and lack of enforcement of under-quoting laws then anything else.
Lastly im surprised by the responses because i have always been a believer that the more information the better. But i guess some people like to just 'work it out on there own' which is fine but i personally think the current system is misleading but maybe im wrong.