Incremental as anything
FCAI anger at Queensland stamp duty increaseThrough the incumbent chief executive, Peter Sturrock, the Federal Chamber of Automotive Industries (FCAI) has rebuked the Queensland state government for increasing stamp duty payable on transfer of vehicle ownership.
The FCAI chief was responding to the announcement by Premier Peter Beattie that stamp duty would be raised, contrary to recent initiatives by state governments in Victoria (more here) and Western Australia to reduce stamp duty.
Sturrock described the move as "a poorly thought through tax increase" and "a clear and patent grab for a bit of extra tax revenue." He claimed that the increase would deter people from buying newer cars, which are better for the environment and offer safety advances over older cars.
Stamp duty will rise from two per cent flat for all vehicles to three per cent for four-cylinder cars, 3.5 per cent for sixes and four per cent for V8s.
Hybrids will continue to be taxed at two per cent.
The government is expected to announce the new regime in the budget next week.
Additional revenue will offset a shortfall in mental health spending.
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