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Brendan stamps his tiny feet on stamp duty

By johnboy - 21 January 2014 22

For a man with no real power the Liberals’ Brendan Smyth uses the word “must” rather a lot.

In this case he’s telling the government to eat crow over their incompetent stamp duty fiasco:

The ACT Labor government must take every possible step to make sure homeowners are fully compensated after accepting that some of its stamp duty claims were illegal. The government must also rule out introducing retrospective legislation to avoid paying the stamp duty back to affected homeowners, Shadow Treasurer Brendan Smyth said today.

“Finally the government has eaten humble pie and won’t proceed with this expensive legal case in the High Court. The ACT Labor government must now do the right thing and make every possible attempt to contact the possibly hundreds of homeowners entitled to have their stamp duty refunded, and then promptly deliver those refunds,” Mr Smyth said.

“If a group of Canberrans had been found to be defrauding the government on stamp duty I’m sure there would be no hesitation by ACT Labor in setting up a taskforce or doing whatever it had to do to catch them. Now the government must set the same standards for itself.

“Andrew Barr must also put affected peoples’ minds at ease by guaranteeing that retrospective legislation won’t be introduced to cover the government from paying the stamp duty back to customers.

“Furthermore, the government must detail whether interest will be paid on the funds illegally collected and also put in place procedures to make sure these circumstances don’t arise again.

“The government has the records of the Canberrans who could be entitled to a refund on stamp duty after surrendering this court case. It needs to be proactive and give the money back it has wrongly charged,” Mr Smyth concluded.

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Brendan stamps his tiny feet on stamp duty
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davo101 3:15 pm 24 Jan 14

HiddenDragon said :

I assume the 11 year mean is skewed by investors, speculators, flippers, serial upgraders, pollies whose tenure is more marginal they realised, etc. etc.

It depends on what you mean by “skewed”. Normally when you talk about the mean being skewed by some group it’s those in the long-tail (such as Gina is skewing the mean household wealth of WA or Lauren Jackson is skewing the mean height of women on this bus), so in this case it’s those that hold onto their properties for very long periods that are skewing the mean. I saw a stat the other day that suggested that ~20% of households have been in their current home for more than 20 years; on the other hand RP Data have some numbers suggesting the average hold time is 7-9 years.

chewy14 9:40 am 23 Jan 14

rommeldog56 said :

Full of dredges, contributors pushing vested interests, ill informed and often selfish/ignorant comments. Riotact has much to offer as a change agent, but will never reach that.

This made me laugh profusely. Honestly, reread your own comments and see who is pushing their own vested interests with ill informed comments. These policies will end up costing me personally more money over the long term but they are the right thing to do for our city and economy which is why I support them.

If you accept that the government needs to make revenue from land then higher rates/land taxes are the most efficient form of doing so and the best way to make sure the land is utilized more effectively.

Yes it’s unfortunate that older people may have to move in the future if they cannot afford to pay for the high value land they are on but really this isn’t a bad thing. This policy will actually make it easier for empty nesters, divorcees, retirees and anyone else who needs to move to do so. This increased mobility is good.

Some short term pain for a few people but long term gain overall for everyone.

Now, how about you provide some reasons why this is a bad idea other than “I don’t want to pay”.

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