REIA WELCOMES DRAFT REPORT INTO REFORMING GST AND REDUCING INEFFICIENT TAXES

July 2nd,2020

The Real Estate Institute of Australia has welcomed, Supporting the road to recovery, the Draft Report of the independent NSW Review of Federal Financial Relations.

The report notes that ‘There is a strong case for reforming the GST and reducing our reliance on more harmful taxes, while re-directing a portion of revenue to lower income households so they do not bear the burden of reform’ and it is ‘time for state and Commonwealth governments to agree to options for reforming our 20-year-old GST and scaling back inefficient taxes’ including stamp duty on property transactions.

“The REIA supports the call for the newly formed National Cabinet to commence the long overdue discussion to adjust the GST and remove inefficient taxes such as stamp duty on property transactions to boost economic growth at this crucial time and not let this report gather dust on the bookshelf as others have,” said Mr Adrian Kelly, President of the Real Estate Institute of Australia.