FED:Axe stamp duty to help seniors: report

AAP General News (Australia)
12-12-2011
FED:Axe stamp duty to help seniors: report

By Steve Lillebuen

MELBOURNE, Dec 12 AAP - State-based stamp duties on property should be abolished to
help meet the housing needs of older Australians, a new report says.

The "Turning Grey Into Gold" report, compiled by a federal government advisory panel
and released on Monday, calls for sweeping changes to cope with the ageing of the population.

"Federal, state and local governments have all sorts of discriminatory polices that
have been there for a long, long time that ought to be changed," said Everald Compton,
the 80-year-old chairman of the advisory panel.

Stamp duty was one of the major issues, he said.

"Older people can't afford to downsize their housing," he said.

The report describes stamp duty as "inhibiting" and a "burden".

"These taxes act as a financial disincentive to moving, often doubling the cost of
moving house," the report says.

Its 36 recommendations also include increasing housing supply, extending flexible workplace
arrangements for older people to remain employed, and ending policies that have age-based
criteria.

Treasurer Wayne Swan said the government would assess the report.

"What we need to do is ensure that those that wish to work and make a further contribution
in the world of work can do so," he told reporters in Melbourne.

The government needed to help businesses be aware of what support is already available
to encourage older people to remain in work, he said.

He said he understood the rationale behind calls for the end to stamp duty, but it
was "matter for the states".

In the government's 2010 Intergenerational Report, Australians aged 65 and over are
projected to increase from 13 per cent to 23 per cent of the population in 40 years.

AAP sbl/gfr/jl

KEYWORD: SENIORS

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