Land tax revenue would have to triple if Victoria abolished stamp duty, the state government says. Source: AAP
LAND tax revenue would have to triple if Victoria abolished stamp duty, the state government says.
Federal Treasurer Wayne Swan has urged the states to reform their own taxation regimes, saying they could start by getting rid of stamp duty.
Victorian Treasurer Kim Wells said it would mean Victorian families would be hit with a huge increase in land tax.
"Labor would have Victoria more than triple land tax revenue and levy it on the family home," Mr Wells said in a statement after a meeting of treasurers in Canberra on Monday.
The meeting wound up without any major agreement on the GST.
Mr Wells said the Victorian coalition government had said on a number of occasions that it did not support extending GST to services like health and education.
"We have advocated for a number of sensible reforms, including a lowering of the low value GST threshold for imports," he said.
"The Commonwealth also needs to make an effort to close loopholes in the GST system which are undermining the revenue base."
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