Opposition leader Chris Minns has the Perrottet government’s stamp duty reforms in his sights.Credit:Nikki Short
“If we’re elected in government,we won’t continue with a land tax policy in NSW. The transition arrangements we have to work out,” he said.
A Labor spokesman later said the party would allow those who opted in to the new system before the policy was scrapped to keep paying an annual land tax until they sold their home.
“If Perrottet’s land tax passes the parliament,Labor will grandfather those properties that opt in to land tax,” the Labor spokesman said.
The government reform will remove the automatic application of stamp duty for first homebuyers and replace it with an optional system - buyers can choose stamp duty or an annual land tax for properties under $1.5 million. The government says the move is a bid to address housing affordability in NSW.
NSW Premier Dominic Perrottet says his policy provides first homebuyers choice.Credit:Brook Mitchell
If it passes the Legislative Council in November,people could opt in to the land tax system from mid-January next year.
However,Minns said he was already considering “transition arrangements” to deal with those who opted in to an annual land-tax in the time between it coming into effect and a potential Labor government scrapping the arrangement. “I expect that to be a small cohort of people,” Minns said.