Savings to be had in a post stamp-duty world

first_imgto 6 per cent of people who purchase a property in any given year.“The significant cost of moving home imposed by stamp duty has far reaching, and in certain cases, long-term impacts,” he said. “It impedes the mobility of our labour force, is passed on to tenants from landlords through higher asking rent prices, and presents a particular burden for families, retirees, low-income earners and the unemployed, who need to upgrade or downgrade housing as their life circumstances change.“While revenue from stamp duty is significant and pays for things such as roads and hospitals, it is an unreliable revenue stream and has proved to be quite volatile following the ups and downs of the property market.” Surfers Paradise on the Gold coast has been identified as one of the areas in which buyers would save the most on stamp duty.Should the duty be abolished it will be those buying properties at the higher end of the market that stand to save the most. In Queensland those buying in Brisbane’s Teneriffe, where the median house price is $1.975 million, the saving in stamp duty would amount to $86,913, according to REA research. In Sunshine Beach, where the average home costs $1.755 million, the saving is $74,263, while in Surfers Paradise on the Gold Coast, someone buying a home for $1.731 million could save $72,897 in tax.More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoMermaid Beach, also on the Gold Coast, and Chandler in Brisbane offer the next biggest savings based on median house prices. For apartments the areas where buyers stand to save the most are Noosa Heads and Sunshine Beach on the Sunshine Coast, Main Beach and Bilinga on the Gold Coast, and Bardon in Brisbane. REIQ chief executive Antonia Mercorella believes stamp duty tax needs reforming.Antonia Mercorella, the chief executive of the Real Estate Institute of Queensland, said she was calling for immediate reform of the “antiquated tax”.She said that state governments had become addicted to it as an important revenue stream, with up to 25 per cent of the state’s income raised through stamp duty.“While we recognise it will mean a loss of that revenue, we need to consider the flow-on effects. When a family buys a house, it doesn’t just stop there, there is a flow-on effect to the local economy. They employ a renovator, they use the local shops,” Ms Mercorella said. “There are still financial benefits to be had and reforming stamp duty is by far the most significant way in which we can boost the property market.” Slam dunk for home with its own basketball court The amount you are required to pay varies from state to state and also depends on the type of property you buy, for example, if it will be your primary residence or an investment property; whether you are a first-home buyer; whether you’re purchasing a second-hand home, new-build or block of land; or whether you’re classified as a foreign buyer. Cameron Kusher, executive manager of REA Group, says stamp duty tax is inefficient and inequitable.Either way, the tax is revenue for the government’s coffers and many industry experts believe it is stifling the market’s ability to prosper.For instance, the average stamp duty paid on a house in Brisbane at the median property price of $543,000 is $10,285. For apartments, the figure is $4,900 on a property at the median price of $390,000.Not an insignificant amount, according to Cameron Kusher, executive manager of REA Group, who described stamp duty as an inefficient and inequitable tax that fell on the shoulders of 4 Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Pent-up demand for homes pushes speedy sales Buyers of properties such as 63 Kingsholme Street, Teneriffe (on the market with Ray White), would save tens of thousands in stamp duty if the tax is abolished.The debate over stamp duty has been heating up over the past few weeks as industry leaders discuss how to stimulate Queensland’s property market in a post COVID-19 world.Stamp duty, or land transfer duty, is the added tax you pay over and above the sale price of a property.MORE Banks move to stem mortgage fallout Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:40Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:40 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCOVID-19: How the property market is tracking01:40last_img read more

The Latest: Nationals GM expects baseball season in 2020

first_imgFIFA previously said it will make substantial sums from its $2.7 billion reserves available in an emergency fund.___The German Cup soccer final has been postponed indefinitely and will likely take place without fans.The German soccer federation says the final will no longer be played on May 23 in Berlin as planned but it’s still sticking to a June 30 deadline to finish the season.Federation president Fritz Keller says “it is extremely unfortunate that in all likelihood this special game will have to take place in a stadium without spectators.” Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Washington Nationals general manager Mike Rizzo expects there to be a 2020 major league season. Associated Press The International Olympic Committee is allocating more than $25 million to cover extra athlete and team costs related to the one-year postponement of the Tokyo Games.The IOC says an extra $15 million will go to a program helping 1,600 athletes from 185 less well-funded countries prepare for the games in 2021.More than $10 million is available for national Olympic bodies to cover additional operational costs such as travel and accommodation for officials.The money is being awarded through the Olympic Solidarity program. The program aims to help all 206 national Olympic teams and the refugee team send athletes to the games.___ The Latest: Nationals GM expects baseball season in 2020 Baseball has been on hold since last month because of the coronavirus pandemic, right along with most sports and other aspects of everyday life.Rizzo said on a conference call with reporters Friday: “I’m optimistic, as is the commissioner, that we’ll have baseball in 2020. I’m upbeat about that. The most important thing is to do it in the right way and the safest manner we can. But I believe that we will have baseball.”The GM said the owners of the World Series champions have committed to giving Nationals employees full salary and benefits through the end of May.___The president of the French soccer federation wants the season to restart with the two domestic cup finals followed by remaining league games. France is on lockdown until May 11 because of the coronavirus outbreak. The league is scheduled to restart on June 17 if the government allows it.French soccer federation president Noël Le Graët says he hopes “to resume the season and try to go to the end.”His new proposal is that the French Cup final be played either on June 13 or 20 with the League Cup final three days later and then the 10 league games.Le Graët says “this proposal wasn’t challenged.”___ There are also no dates for the postponed semifinals. They were originally scheduled to be played earlier this week with champion Bayern Munich hosting Eintracht Frankfurt and fourth-division club Saarbrücken welcoming Bayer Leverkusen.___France goalkeeper Hugo Lloris says resuming soccer leagues should not come at the expense of people’s health amid the coronavirus pandemic.Talks are ongoing in leagues around the world as to when the season can restart. South Korea’s K-League will kick off on May 8 in empty stadiums. The Bundesliga in Germany is discussing playing again on May 9.Lloris says “there’s so much at stake financially for clubs … But above all of that there is health.”center_img The nine men’s and nine women’s national teams were scheduled to play January-to-June annually.Games in the 2020 season were stopped because of the coronavirus pandemic. Germany has yet to play in the women’s competition while leader Argentina has played eight of its 16 games.The International Hockey Federation says the new time frame gives it the best chance “to deliver on broadcast and commercial partner agreements.”The subsequent season will run from September 2021 to the following June.___ England will try to reschedule its test series with the West Indies after announcing there will be no professional cricket played in the country until July 1 at the earliest because of the coronavirus pandemic.The inaugural season of The Hundred is due to start on July 17 and has not yet been canceled. The England and Wales Cricket Board has arranged a meeting for next week to discuss whether it can go ahead.No domestic competitions have been scrapped for this year.The ECB says the international season in England will now be played from July to the end of September. The three-test series against the West Indies that was due to start on June 4 has been postponed.ECB chief executive Tom Harrison says his organization is following advice from the government and health experts and that “our plan is to reschedule international matches as late as possible in the season to give the best chance of play.” FIFA says advance payments of $500,000 are being sent to member associations to cover running costs during the coronavirus pandemic.Each of the 211 member associations is entitled to $6 million from FIFA spread over the four-year World Cup cycle.FIFA says the next instalment due in July will now be paid in the coming days along with other payments due from last year.FIFA is easing some criteria required before being paid but the money is still subject to audit checks.FIFA president Gianni Infantino says the soccer body has a duty “to be there and support the ones that are facing acute needs.” April 24, 2020 Lloris plays for Tottenham in the Premier League. The team has nine matches remaining this season.Lloris says in an interview with Le Parisien newspaper that “if we have to finish the league without fans then we will.”But the World Cup champion adds that “soccer remains totally secondary given the current situation.”___The governing body of field hockey says it has extended the international Pro League seasons by one year to run through June 2021. ___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more