Debit tax vs Stamp duty
A common question regarding the implementation of a Debit Tax is:
When buying property - how much will it cost as compared to Stamp Duty?
|
The best way to answer this is to look at a scenario where a person purchases a property valued at $250,000. With a Debit Tax - the only tax that is payable is at a flat rate of 0.7%, which equates to an amount of $1,750. Using the online tax calculator at Money Buddy - the current Stamp Duty costs were calculated for each individual state, and are displayed on the right hand side. It is only for "1st Time Home Buyers" in 4 of the states where the Debit Tax is higher than the calculated Stamp Duty.However - to understand the real saving for the average Australian household from the introduction of a Debit Tax - we have to look at the figures related to the individual in the Resources - Personal Tax section. Remember that under the ASP Tax Policy the individual does not pay any Personal Income Tax and no GST. |
 |