Home International NSW State Could Abolish Stamp Duty, Payroll Tax

NSW State Could Abolish Stamp Duty, Payroll Tax

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The NSW opposition have given their cautious support to the Berejiklian governments push to abolish stamp duty and payroll tax in a bid to revive the states economy following COVID-19.

With unemployment forecast to hit 10 per cent by the end of the year, NSW Treasurer Dominic Perrottet on May 2 laid out a plan to scrap what he described as inefficient taxes.

While the outbreak of the deadly disease has punched a hole in the economy, Perrottet told Nine that: “We are not going to tax our way back into prosperity.”

The treasurer said that stamp duty was at the top of his hit list and his plan will also focus on productivity, deregulation, digitisation, trade and investment.

State opposition leader Jodi McKay said she wanted to see more details of the treasurers proposal but was willing to negotiate in exchange for her support.

“We are very much up for this discussion, we dont want it to be a thought bubble put out there,” she said.

“It is a conversation that we want to actively engage in.

“We know we cant fall back into the inefficiencies of our budget and economy. We have to look at bold and brave decisions and reform.”

NSW shadow treasurer Walt Secord said all options were on the table after the state was battered by the summer bushfire crisis, a downturn in the constructRead More – Source