It is time for state and federal governments to get rid of punitive stamp duty once and for all
The Real Estate Institute of Australia says it welcomes the announcement by the leader of the Opposition that Labor will support the status quo on negative gearing and capital gains tax should it form government.
REIA President Adrian Kelly said the announcement provided much-needed certainty for households and small businesses as COVID-related lockdowns continue.
“Many mum-and-dad investors have borne the brunt of the rental eviction moratoriums and stepped up to provide social and affordable housing through this period,” Kelly said. “The vast majority ofproperty investorsare everyday Australians looking to provide for their own retirements, who are also instrumental in providing the rental accommodation that is needed by the 27% of Australians who rent their home.”
More than 70% of Australian property investors own only oneinvestment property, Kelly said.
“Continuing to support successful tax settings that encourage investment and has assisted investors throughout the COVID-19 pandemic is…
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