Friday, 1 May 2009

Sweping tax reforms for starters?

Well, it's something we've been waiting for since the GST came in, but somehow the states of Australia have steadfasty refused to give up their hold on Stamp Duty for things like cars and property.

This morning's article on makes it look like that's going to change, now that Victoria, for a start, has submitted an application to the Federal tax review to suggest that they abolish it in return for a cut of income tax.

This could work.

Economists have said that they think it would increase government revenue by $4 Billion a year because it would free up the stamp duty money people try to avoid spending to be used for investments and other economic stimulation elsewhere.

If they have to start somewhere, then this is definitely the place...