WA state government fails to address property tax issues
The WA state government has missed an opportunity to address the state's inefficient property tax system according to Warwick Hemsley, Chairman of QWest Paterson Valuers and Property Consultants.
He said the state government has not addressed steeply rising marginal rates of stamp duty and land tax that continue to be a thorn in the property industry’s side adding many studies have shown that stamp duty is an inefficient tax that only targets a specific sector of the market..
“The added cost of stamp duty is a disincentive to downsize for seniors, a disincentive for workers to move homes if they want to be closer to their employment and is an added cost burden to people going through a divorce or separation that need to purchase a new home,” he said.
“We understand that the government is experiencing a tight fiscal situation however we mustn’t underestimate the importance of having a vibrant city and invest in the future of Perth.
“While significant money has been set aside in the budget for infrastructure including road and transport projects it is also important to invest in the arts and lifestyle infrastructure in order to retain and attract creative and smart people that add to the cultural fabric of our state.
“For example, initiatives such as MONA in Hobart has transformed visitation to that city and so too has the National ANZAC Centre in the regional WA town of Albany.
“There is a well-documented payback on this type of investment. Confirmation of funding for the new museum complex in Perth is important.”
“We live in a highly mobile world and we need to ensure our capital city is a vibrant and creative place. In today’s world, our best and brightest have many other options so we are competing with many other cities around the globe."
