- May 15, 2018
- Posted by: Rogers Property Group
- Category: Latest News
The ABS recently released its latest taxation statistics for 2016 – 17 years. The figures were quite astounding showing that over 50% of all taxes for state and local governments came from property taxes. The figure was a whopping $52.5 billion which climbed nearly 6% for the year. When we look back a decade to 2005 – 06 taxation from property is now double since then. This is due to the nature of property values continuing to rise. You would have to wonder if it was fair that the amount of tax paid (stamp duty) on the average priced home in Sydney is over $51,000! Especially when you compare that to the average weekly wage of Sydney people of around $78,000. No wonder people complain that housing is hard to get into. The government is not helping that at all and continue to take our money.
There are 2 types of property taxes:
1. Immovable
2. Taxes on Financial and Capital transactions
1. Immovable
These include land tax, rates and other small taxes. These made up $29 billion of the of the $52.5 billion.
2. Taxes on Financial and Capital transactions
Predominately stamp duty accounted for the remaining $23.5 billion.
