Australia’s top tax architect says reform of distorting taxes such as stamp duty stands head and shoulders above just about everything else to drive the COVID-19 economic recovery.
When my colleagues and I sat down in 2008 to begin our comprehensive review of Australia’s tax and transfer systems, we started with a quick scan of the landscape to identify those things doing most damage, and therefore most deserving of our attention.
Stamp duties on property conveyance stood out. These antiquated taxes were levied by our various colonial governments long before Federation. They were used because of administrative simplicity, in times in which it was difficult for revenue authorities to do anything more sensible.
