With parliament set to resume on Tuesday,the government will seek to convince the expanded crossbench to support its promised stamp duty exemptions for first home buyers while repealing one of Perrottet’s key legislative achievements.
The new scheme will mean stamp duty exemptions for first home buyers will be lifted from $650,000 to $800,000,and stamp duty concessions from $800,000 to $1 million.
The scheme was a key flashpoint in the March election after Labor promised to scrap Perrottet’s cherished First Home Buyers scheme.
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Despite being derided by Labor as a “tax on the family home” the policy has proven more popular than first envisioned by Treasury under the former government. Revenue NSW data shows 4842 homeowners have used the scheme since it was introduced,including more than 1000 buyers who have taken up the scheme in the past month.
Victorian Premier Daniel Andrews has also flagged a possible move to an optional land tax model.
But Premier Chris Minns has argued the government’s stamp duty exemption scheme is a simpler and fairer policy,and will see more people pay no-upfront tax on their first home purchase.