A new poll released by the Property Council Australia this week demonstrates that Australian's aren't as allergic to the idea of changes in GST as politicians might think. Interestingly the tax that has provided the biggest boost to state budgets in the past year- stamp duty, has topped the list as the most hated tax.
Treasurer Joe Hockey can no doubt use this information as ammunition at the COAG retreat next week. It's clear that the Australian taxpayers are prepared to give our politicians the mandate to make real change to our tax system that impacts all levels of government if it means we end up with a simpler and fairer system overall.
New research points to a significant shift in community attitudes toward tax reform in Australia with GST considered the fairest of all current taxes. In stark contrast, stamp duty on property purchases ranks as the least fair and most punitive, with a majority of Australians wanting it abolished and strong support for increasing GST to retire stamp duty. A comprehensive report from Newgate Research Community attitudes towards tax reform, commissioned by the Property Council of Australia, finds that nine out of ten Australians surveyed supported tax reform which made the system simpler and fairer. Nearly three quarters (72%) of Australians believed it was inevitable that GST will rise over the next decade. Stamp duty on the other hand is considered the most unfair tax of all with most agreeing that it was now a major barrier to buying a home.