Time to reduce the tax & regulatory burden of housing
September 03, 2019
The CIE report “Taxation of the Housing Sector” commissioned by HIA, highlights that housing one of the most heavily taxed sectors of the economy.
Over the ten years it takes to bring a house and land package to market there is a long and cascading list of regulatory costs and taxes that account for 37% of the cost of a new house and land in Melbourne.
Stamp duty on the land and the house, GST, land tax, council rates, payroll, income and company taxes combine to raise over $130,000 in taxes on a typical new house and land package in Melbourne.
This does not include the additional $25,000 in development charges or the $80,000 due to red tape. There are plenty of opportunities for governments of all levels to review and reduce the tax burden on our industry and the costs to consumers.
Read the media release.