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{{propApi.successMessage}} {{region}} Change locationReduce the tax burden on housing
Reduce the tax burden on housing
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In its Policy Imperatives for the 2022 Victorian election, HIA has outlined that Melbourne home buyers pay nearly 40 per cent of the cost of a new house and land package in taxes, fees and charges - locking thousands of Victorians out of home ownership.
The National Housing Finance and Investment Corporation estimates that development contributions can collectively amount to between $37,000 and $77,000 per dwelling in Victoria.
“This burden must be eased by the next Government – rather than shouldered by those who are among the least able to afford it,” says HIA Executive Director, Fiona Nield.
“New residential land is captured by a range of local and state taxes including the Growth Areas Infrastructure Contribution and the soon-to-apply Windfall Gains Tax. While local taxes have some relevance in terms of delivering local infrastructure to the person paying the tax, the state taxes do not.
“Victorians continue to pay the highest rate of stamp duty in Australia, imposing a significant financial burden on all home purchasers. Depending on how the sale process is undertaken, stamp duty can apply multiple times to a new home build.
Ms Nield said the State Government elected in November should:
- Undertake a full review of state property-based taxes and develop a comprehensive reform agenda to deliver an efficient and equitable tax system that supports housing supply and affordability;
- Amend planning legislation to introduce a cap on the percentage of development contributions that can be sought as they should represent a ‘contribution’ and not fully fund broad community infrastructure that benefits all Victorians;
- Commit to a process of reforming stamp duty, including removing any multiple charging of stamp duty for new house and land packages; and repeal the Windfall Gains Tax.
“Continuing to load the tax burden onto home buyers is lazy and unfair.
“Layering tax upon tax on home buyers and the housing industry puts pressure on affordability across the housing market. More concerningly, every increase in the price of a new home traps those saving for a home in the private rental market – and makes their dream of home ownership further out of reach.
“To make home ownership a reality for more Victorians, we must reduce the amount of money they’re paying into government coffers to reduce the cost and length of a mortgage.”
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