What is the party’s position on tax reform and incentives, for example, a broad-based land tax instead of stamp duty, to make housing more affordable across the income spectrum, but especially for low-moderate income earners?
Tax reform is a core tenant of the Liberals and Nationals platform.
We’ve recently indexed Stamp Duty brackets to CPI to ensure future property transactions are fairer and will reduce the tax burden on homebuyers.
Saving for a deposit can pose a challenge for first home buyers who are often on moderate to low incomes.
We’ve reduced the stamp duty burden for first home buyers to provide relief and have made great strides in increasing homeownership. With over 50, 000 exemptions and concessions on stampduty given since the policy was launched in 2017 more first homeowners now have the keys to their first home.
Stamp duty provides a major part of the States’ general revenue, which is used to fund vital features of our communities such as roads, schools, police, transport, health care and
infrastructure. Growing demand for these services continues to place ongoing pressure on State finances.
NSW Labor has no plans to introduce a broad land tax.
The party is willing to look at and evaluate all tax systems that support and promote homeownership and improves an individual’s standard of living.
The Greens’ Plan to fix housing will:
● Immediately end Negative Gearing for those with more than two investment properties.
This will put more homes back onto the market for young people to buy;
● End Negative Gearing for investors on future house sales to make room for more first home buyers in the market;
● Phase out the Capital Gains Tax discount over five years by 10% each year;
● Replace State Stamp Duty with a fairer broad-based Land Tax calculated on the
unimproved value of the land, with concessions for low-income households. This will
reduce the upfront cost of buying a house for young South Australians and will also free
up larger family homes for growing families by enabling “empty-nesters” to downsize to
more appropriate housing without the additional cost of Stamp Duty;
● Introduce an Empty Homes Levy for residential properties left vacant for a period longer
then 12 months. This will encourage owners to rent or sell and help increase the supply
of housing. Revenue raised will be allocated to develop new public housing;
● Provide land tax exemptions for private houses that are rented as affordable housing
while managed by a community housing provider. This will provide an incentive for
private rental properties to be rented as affordable housing and thereby increase stock
of affordable housing;
● Require all significant housing developments to provide a minimum of 30% affordable
housing;
● Provide funding to expand our public housing sector and support non-profit housing
providers to build new homes that put people’s needs above profit;
● Limit the frequency of rent increases to one a year.
Our main policy for housing affordability is to reduce the national immigration rate, thereby reducing the demand for housing in places like Sydney and easing price pressures. This is actually the best and most direct way to achieve the policy goal, instead of the ALP approach of tampering with and further distorting the housing market and tax policy.
The Christian Democratic Party supports a taxation system which would satisfy the following objectives:
• fund the necessary work and responsibilities of government;
• create an adequate tax base to ensure that the burden of taxation does not fall disproportionately on lower and middle income earners;
• remove the current disincentives for working harder, risk taking, wealth creation and innovation;
• remove the current incentives for tax evasion, property speculation, the black economy, and the ‘overseas brain drain’.
The Christian Democratic Party support deductibility on interest accrued on owner occupied housing. The Christian Democratic Party believes this tax deduction for owner occupied housing should be capped to ensure the benefit remains with low to medium income earners.
We support laws and policies that will make housing more affordable especially for low-moderate income earners.
Based on our foundational principles, the AJP recognises the need for both affordable and social housing stock across NSW and acknowledge the extensive waiting periods associated with these.
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