Cracks appear in nest eggs with stamp duty overhaul
By Lisa Pryor, Property Reporter
April 13, 2004Print this article
Email to a friendBaby boomers relying on an investment property and superannuation to fund their retirement may face a double slug under the state’s new property tax rules.
About 70 per cent of shopping centres and office towers are owned by super funds or property trusts, the chief executive of the Property Council of Australia, Peter Verwer, said.
The funds would now have to pay a levy of 2.25 per cent when those assets were sold.
“The measures will increase stamp duty by 40 to 60 per cent and that will inevitably have an impact on people’s retirement payouts,” Mr Verwer said.
On average, property accounted for about 11 per cent of the assets of a super fund, he said.
http://www.smh.com.au/articles/2004/04/12/1081621896844.html
What a looser…..[fear]
“Dont be looking in your back yard for a four leaf clover when the opportunity of a lifetime could be knocking on your front door….”
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