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Industry News
Real Estate Industry NewsTreasury understood real estate issuesPCA chief executive Peter Verwer said yesterday that the Henry report indicated Treasury understood the key issues."The government's response, on balance, has been very positive," he said.Treasurer Wayne Swan has ruled out a number of the review's recommendations, including changes to concessions on capital gains tax and negative gearing."Swan has rejected that and Henry himself said there were more important things," Mr Verwer said of negative gearing. With respect to Henry's recommendation of abolishing stamp duty in favour of a broader land tax base, Mr Swan said he would make further announcements on this in coming months.The review criticised property stamp duty as being a highly inefficient source of revenue.Deloitte tax partner Max Persson, who specialises in property, said Dr Henry had recommended expanding the land tax base as a replacement because conveyancing stamp duty was relied on by the states so heavily.
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