$2.95 million in property stamps for a $57.5 Million Mansion

MINING millionaire Chris Ellison has boosted Premier Colin Barnett’s coffers by nearly $3 million by paying a small fortune in stamp duty taxes after buying a Mosman Park mansion last October.

Landgate records show Mr Ellison paid a staggering $2.95 million in stamp duty after shelling out $57.5 million for iron ore heiress Angela Bennett’s sprawling mansion.

The sale set an Australian real estate record. Property representatives said stamp duty costs still remained a major deterrent to home buyers in WA.

Property Council of Australia executive director Joe Lenzo said yesterday that stamp duty taxes in WA were too high.

Coupled with rising interest rates, stamp duty taxes were stopping many West Australians from buying houses, Mr Lenzo said.

“It makes the whole affordability issue hollow because people are having to hand over thousands of dollars in stamp duty,” he said.









Article Source: http://www.perthnow.com.au/real-estate/bennett-mansion-sale-swells-state-coffers/story-e6frg3nl-1225868711339


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