Budget release prompts calls for GST reform
Budget release prompts calls for GST reform
Posted on Thursday, June 26 2014 at 9:20 AM
South Australia’s budget highlights the need to change the GST and bring relief to property holders, according to the Real Estate Institute of South Australia (REISA).
The industry body commended
the SA Government for that acknowledging housing affordability is worsening, and raising stamp
duty or land tax would have had a further devastating effect on the property
industry.
Ted Piteo, president of the
REISA, says the budget demonstrates changes to the federal taxation system are
imperative.
“South
Australia needs a revenue stream that is constant, effective and not driven by
volatile markets and political whims.”
Piteo says a combined effort
by all state’s pushing for urgent GST reform is necessary.
He says raising the rate of
GST, or broadening its base, would bring enormous benefits.
“Before the last State Election, REISA called
for the State Government to begin working with its state and federal
counterparts on commencing a serious and constructive dialogue on meaningful
GST reform that would deliver the states a viable tax revenue stream and allow
them to abolish state property taxes that are uncertain, inefficient and
inequitable.”
Piteo says REISA wants to see state property
taxes removed with the shortfall made up by increased GST revenue.
“It’s time that these taxes were abolished
once and for all – as was promised by the Howard Government 14 long years ago
when the GST was introduced.”
He believes the changes will get South
Australians excited about buying, moving, downsizing and investing.
“It’s really a no-brainer.”
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