Under NSW proposal, buyers will reportedly be able to choose to pay an annual land tax instead of a lump sum on purchase
premier, Dominic Perrottet, will seek federal government help to scrap stamp duty during a meeting with prime minister, Anthony Albanese, on Friday, insisting no change can be made to the “inherently terrible” tax without support.flagged his ambition to move to an annual land tax as the state’s treasurer in 2020At the time, it was flagged that homebuyers could choose to opt out of paying stamp duty in favour of an ongoing annual property tax.
“Stamp duty is the worst tax that any government can have,” he said during a visit to flood-hit Lismore. “This is a moment for the federal government and the state governments to work together to unlock opportunity and economic opportunity,” he said. While the new federal treasurer, Jim Chalmers, has indicated a willingness to discuss changes to stamp duty before a meeting with state treasurers next month, he has made no commitments. On Monday he said any decision on stamp duty reform were “ultimately matters for the states”.On Monday the shadow treasurer, Daniel Mookhey, said Labor’s analysis of the proposal shows the owner of a median-valued property in Sydney would pay about $2,400 a year in land tax.
“Our modelling shows that a typical family in Sydney will start paying $2,400 each year from next year if Mr Perrottet introduces this tax.”Perrottet has long complained that GST arrangements mean state governments are often punished for attempting tax reform, and the NSW treasury department’s own consultation paper on his proposal last year also warned that the change could cost the state about $1bn in GST revenue each year.
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