NSW readies to do away with stamp duty

Australian Broker –

In the New South Wales state budget 2020-2021 handed down yesterday, Treasurer Dominic Perrottet revealed plans to reform the “inefficient property tax system” currently in place, and to do so based on the feedback of the state’s residents.

Perrottet proposed transitioning from the current model of a mandatory upfront stamp duty, to one where residents have the choice to instead pay a smaller annual land tax on new property transactions based on the value of their land, with rates varying for owner-occupiers, investors and commercial tenants.

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