Hi guys
I’m not sure whether anyone has heard of this but it has been floated by the government for some time as the easy solution to all the problems of the world but is always described as too hard.
There was a story in the Financial Review on Wednesday which confirmed that the state government has been looking at using a broad based property levy, based on valuation, to replace stamp duty on sales etc.
The obvious advantage to the government is they have a steady stream of recurrent revenue rather than the peaks & troughs of the current system, although at the moment I’m sure it’s all peaks.
The numbers quoted in the article suggested a house in Bankstown would pay up to $5,000 by way of this type of levy. I not sure what their rates would be but I’d think they are significantly less than that. Further it’s guaranteed that such a levy would not be impacted by any form of pegging.
And the kicker is that it could be included on council rate notices. More savings for the government & remember OSR doesn’t deal with & have access to all the customers we do.
Given the way the ESL is progressing etc just another item for the industry to consider & be aware of.
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