Treasurer Matt Kean and Premier Dominic Perrottet want to implement the NSW government’s stamp duty reforms on January 16.Credit:Peter Rae
However,the MPs are keen for it to be scrutinised by a parliamentary committee and will support it going to an inquiry on the condition it is finalised before the final sitting period next month.
Perrottet’s policy,announced in the June state budget,is targeted at first home buyers who have bought properties worth up to $1.5 million.
If the legislation is passed,the changes are due to be introduced from January 16.
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One Nation’s NSW leader Mark Latham said a “prompt inquiry” could report back within 10 days and enable the legislation to go to a vote this year ahead of the March election.
If the reform passes both houses in the remaining sitting days of the year,eligible buyers who purchase a homewill be able to pay an annual levy of $400 plus 0.3 per cent of the land value instead of stamp duty.
As part of Perrottet’s stamp duty reform legislation,to be introduced to parliament on Wednesday,annual land tax paymentswill not rise by more than 4 per cent if buyers opt to pay the yearly levy rather than the upfront stamp duty.