A new tax being implemented by the New South Wales government makes no sense ! It will impose a " land transfer charge " on conveyancing of properties in excess of $ 500,000.
We already have that same tax - and it's called " stamp duty " !
Local Labor parliamentarians duck for cover and contend that because median price levels in the Illawarra are below half a million dollars it will have minimal effect here - but that ignores the fact that the rental vacancy rate is a dismal 1.5% - and this new tax will discourage rental property investment.
The government admits that the new tax will return $ 90 million annually, so it is not " small change " ! It is simply a double bite at the cherry - and the supposed reason for it is to " reduce property fraud ".
So now it seems that this government is charging on law and order issues. We have the police and various government agencies involved in monitoring fraud in all it's forms and paid for from general taxation revenue.
Any excuse to slap a new impost on the citizens seems to be the main aim of these " servants of the people " !
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