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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Volatility of stamp duty revenue prompts calls for a rethink

By Cameron Micallef

May 02 2019
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Invest

Volatility of stamp duty revenue prompts calls for a rethink

By Cameron Micallef
May 02 2019

Property taxes have again propped up local and state governments for the 2017-18 financial year, but reliance on stamp duty will be a roller-coaster in the years to come, data experts warned.

Volatility of stamp duty revenue prompts calls for a rethink

By Cameron Micallef

May 02 2019
Share

Property taxes have again propped up local and state governments for the 2017-18 financial year, but reliance on stamp duty will be a roller-coaster in the years to come, data experts warned.

The $30.293 billion in property tax revenue was an annual increase of 5.6 per cent on the previous financial year’s figures. This is despite the Australian Bureau of Statistics’ (ABS) latest figures excluding stamp duties on conveyances as tax on property, by changing the definition to a provision of goods and services.

Stamp duty

Over the last 12 months, stamp duty revenue fell in all states, rising only in Victoria and Tasmania.

However, taking a more long-term view, stamp duty in Sydney and Melbourne have been a cash windfall for the local and state governments.

Stamp duty revenue in NSW is 89.7 per cent higher over the past five years, and in Victoria it is up 116.0 per cent.

Revenue has been less stable in Western Australia, where the housing market has largely been falling over the same period, leading to a -18.9 per cent growth on stamp duty.

CoreLogic research analyst Cameron Kusher, points to the volatility of stamp duty as a source of government revenue.

“When the housing market is seeing increased transactions and rises in values, stamp duty generally rises and vice versa. The national housing market started to see values fall late in 2017 and, as a result, stamp duty revenue is largely unchanged in 2017-18 from the previous year,” Mr Kusher said.

Mr Kusher believes that state governments should move away from the tax altogether.

“With the NSW and Victorian governments seemingly going to be hit by a loss of stamp duty revenue over the coming years, it would seem that now is as good a time as ever to look to move away from this transactional tax,” he said.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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