Expanding stamp-duty concessions and overhauling land tax in Queensland will be considered as part of a new tax shake-up.
Already a subscriber?The Queensland Labor government will consider expanding stamp-duty concessions and overhauling land tax as part of a review into the tax system aimed at boosting housing supply.
“Queensland Treasury is always looking at Queensland’s tax settings to ensure that we remain nationally and globally competitive,” Mr Dick said. In Queensland, first-home buyers do not have to pay stamp duty on houses sold for less than $700,000. In last month’s budget, the threshold was lifted from $500,000 and is phased out gradually up to home values of $800,000.
Property Council Queensland executive director Jess Caire said the uptake of the fund showed simple incentives were needed to navigate hurdles for developers wanting to increase housing stock.
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