Urban Taskforce Australia CEO, Tom Forrest, today congratulated the Premier, Dominic Perrottet for the successful passage through both Houses of the NSW Parliament, of legislation to allow first home buyers a choice to pay stamp Duty on a new home purchase up-front, or pay it off over time through and land tax.
“The property industry, economists and housing experts all agree the introduction of a land tax in lieu of stamp duty (sometimes called a transfer duty) is an important, big picture reform. While this is only a small step towards full reform, it is an important step”, Mr Forrest said.
“Urban Taskforce has been at the front of the property sector calling for this reform. It is critical to encouraging mobility and ensuring there is no penalty on young families as they move to larger homes or different locations.
“This new legislation allows first home buyers the option of paying a smaller annual land tax rather than face a huge up front tax in the form of Stamp Duty.
“The number of years it will take to pay the equivalent of the up-front stamp duty is a first home buyer chooses the Land Tax option ranges from between 21 years and 63 years. The best case for consumers is for an apartment with a market value of 1.5 million.
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