Released every 5 years by the Australian Government, the Intergenerational Report shows demographic and economic changes in country. It details an assessment of the long-term sustainability of current policies and the impact on economic growth, public finances and workforce of the changes in population size and age profile in Australia over the next 40 years. This report provides citizens an insight into some of the challenges that they will face in the coming years and the decisions they need to make now.
Without having to rely on increased corporate taxes, the report clearly states that a better tax system would help Australia to take advantage of global opportunities. REIA (Real Estate Institute of Australia) has called on the government to commit to substantial tax reform following the release of the 2015 Intergenerational Report. The report shows that if policies and taxation arrangements remain unchanged, the gap between expenditure and revenue will continue to expand. With a responsible tax reform, the Government will be able to achieve its goals and make sure that all Australians can continue to live a prosperous and healthy life.
Releasing its 2015/16 pre-budget submission, Real Estate Institute of Western Australia (REIWA) calls for tax reform and cautions against targeting the property sector with increased taxes. While tax reform can achieve Australia’s aim to improve productivity and increase workforce participation as indicated in the report, REIWA urges the State Government to lower the threshold which sees most first home buyers exempt from the tax and not to lift stamp duty rates for buyers. Know that property owners in Australia pay for land rates, water rates, stamp duty, and Land Transfer Charge. Before purchase, prospective buyers can get details about these rates from their local council.
The coming years will prove
how tax reform will affect the property sector. Will tax reform help real estate market thrive better with the release of the Intergenerational Report?
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