VICTORIAN land owners have about two weeks to make submissions to a parliamentary inquiry into land transfer duty fees.
The Legislative Council’s Economy and Infrastructure Committee is seeking submissions to its inquiry into land transfer duty fees.
The committee are calling for submissions up to the due date of Friday, 14 April 2023.
Land transfer duty (commonly referred to as ‘stamp duty’) is the duty paid when a purchaser acquires a property.
Committee chair Georgie Purcell said other jurisdictions have moved to review stamp duty.
“That could have big implications for housing supply, labour mobility and for ongoing state revenue,” she said.
“Home ownership is increasingly out of reach for many Victorians, especially young people, so we want to examine if reforming this duty can improve affordability and free up the number of properties that are put on the market.”
The six-month inquiry will analyse the current situation regarding the land transfer duty, examine interstate and international models and explore potential alternatives to land transfer duty.
The Committee will investigate issues around land transfer duty fees and its instruments within the Duties Act 2000. The inquiry will analyse the current situation regarding the land transfer duty tax, examine interstate and international models and explore potential alternatives to land transfer duty.
Inquiry terms of reference
On 22 February 2023, the Legislative Council agreed to the following motion:
That this House requires the Economy and Infrastructure Committee to inquire into, consider and report, within six months of the House agreeing to this resolution, on issues around land transfer duty fees and its instruments within the Duties Act 2000, including but not limited to —
(1) analysing the current situation regarding the land transfer duty tax, and reviewing ‐
(a) impacts on labour and capital mobility;
(b) revenue predictability;
(c) efficiency of resource allocation;
(d) effects on housing supply and development;
(e) overall tax efficiency;
(2) examining potential alternatives to land transfer duty, assessing models from interstate and international jurisdictions, noting the pros and cons of various proposed or implemented solutions; and
(3) any other related matters
To make a submission click here to access the inquiry’s website.
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