15 June 2010
The government has introduced the State Revenue Legislation Amendment Bill 2010 into the NSW Parliament.
Among other things, this legislation implements:
- the various stamp duty concessions and exemptions announced in the State Budget last week (the full legal text of the exemptions/concessions is set out in the Bill); and
- implements the new ad valorem levy (to be called the “Torrens assurance levy”) to be imposed on land transfers (for larger transactions the levy is $1,004 plus 0.25% of the amount by which the purchase price exceeds $1,000,000).
The bill is available here.
The Urban Taskforce supports the stamp duty exemptions/concessions, but opposes the “Torrens assurance levy”.