The NSW premier is running out of time to deliver stamp duty reform in this term of government. How property is taxed now looks set to be an election battleground in March.
First home buyers could get into the market sooner under a NSW plan to let them avoid stamp duty. But when it’s time to sell,experts warn there’s a catch.
First home buyers have welcomed the option to swap stamp duty for an annual property tax,saying it would help them into the housing market sooner.
NSW first home buyers will be given the option to pay an annual land tax rather than stamp duty.
Stamp duty distorts behaviour,locks people into inappropriate housing and dampens construction. We need a new modern system that reflects the world we live in now.
Swapping stamp duty for a property tax could save some home buyers serious cash,with new modelling showing it could be the better option for those looking to hold their home for the medium to short term.
Next Tuesday’s budget will be framed by the big goals of the Premier and the Treasurer - and by some hard realities that constrain them.
With just over five months until Victorians go to the polls,now is the time for our major parties to leverage the momentum for real tax reform.
Aspiring homeowners in Sydney have welcomed Dominic Perrottet’s proposal,as have experts who say it will encourage better use of housing.
Victoria’s housing and building sector is backing a radical overhaul of the state’s property tax regime but Daniel Andrews is tight-lipped about whether he will follow NSW’s lead.
Economists welcomed NSW’s plan to phase out stamp duty,but warned the slated plan to exclude higher value properties is flawed and will create problems down the track.