b'JULY 2020The final wordfor now The report warns that state and territory The NSW Treasurer, Hon Dominic Perrottet,governments face an era of higher debt, has overseen a review of taxation chaired by Telstrachallenging their ability to sustainably deliver boss David Thodey which has completed its report. essential services and infrastructure.The property and construction sector will welcomeThe review recommends reforms at the state level this important contribution to the debate.that are challenging but necessary, as the states According to an article published in the SMHneed to show, in good faith, that they are ready to on 1 July, 2020 17 , the Report finds that overhaulingcarry their part of the load.the GST would see a move away fromYou will get no argument from us.harmful taxes including inefficient state taxes. T he extra GST revenue should go to lower-income households to ensure equity.The NSW government should also replace stamp duty, which last year raised $7.5 billion for the states coffers, with a broad-based land tax, the review committee recommended.The review panel said there were various models to phase out stamp duty. These included an option to allow homeowners to voluntarily opt in to land tax or pay transfer duty at the next purchase, the SMH says the report concludes.The report also calls for a strategic national approach to payroll tax reform. The NSW government estimates it will raise $9.8 billion in revenue from payroll tax in 2019-20, out of a total $32.5 billion in state taxes collected.2217 Smith, A. SMH, 1 July, 2020, p.1'