Minister Barr: Making stamp duty simpler and easier
- Written by ACT Government
Released 15/12/2016
The ACT Government is changing the way it collects stamp duty to make buying property simpler and more efficient.
The ACT Government is leading the nation in tax reform – abolishing one of the most inefficient taxes in stamp duty. This reform, supported by almost every leading economist in the country and the Liberal Prime Minister Malcolm Turnbull, will address housing affordability and deliver a more sustainable revenue base to pay for public schools and hospitals.
Today in the ACT Legislative Assembly, I introduced further reforms that will allow the process of purchasing a home in the ACT a lot faster and simpler. Just because we are abolishing stamp duty over time does not mean we should avoid making improvements where we can.
These reforms will shift the payment of stamp duty to the end of the process, when the title is registered through Access Canberra. This removes the ACT Revenue Office from the middle of the process and will mean that home buyers can settle on their properties faster.
This reform has many advantages over the traditional process. For home buyers, the new system greatly reduces red tape. Waiting periods will be shorter, and transactions will turned around much faster.
There is also a significant cash flow advantage for purchasers, especially those buying off the plan. Stamp duty will only be payable after registration, as opposed to several years before moving into the property under the current system.
These changes are smart and practical ways to reduce red tape for our community at the same time making transactions easier and more efficient for customers.
For more information visit www.revenue.act.gov.au
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
