Stamp duty not going anywhere for Queenslanders

STAMP duty will not be abolished in Queensland because it generates more than $2 billion in revenue to the government each year, Treasurer Curtis Pitt told real estate representatives in Brisbane on Wednesday.

The Real Estate Institute's national body has called for stamp duty be abolished and replaced with a broadening of land tax.

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Queensland's Budget papers show stamp duty raised $2.42 billion in revenue to government in 2013-14 and predicts it will raise $2.65 billion in 2014-15.

However Mr Pitt told a Real Estate Institute of Queensland function the Queensland Government would not abolish stamp duty unless changes were backed by major federal tax reform.

"Sadly you are going to be disappointed, because I am not here to announce the abolition of stamp duty today," Mr Pitt said.

Read more at Brisbane Times

 


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