Premier Dominic Perrottet has seized on his first budget as the state’s leader to unveil a legacy-making reform as he sets his sights on a March 2023 election
A wholesale transition to land tax has been estimated to carry a 20 per cent hit to NSW government revenues compared to stamp duty collections. And earlier this month, newly appointed federal TreasurerThe new, tightly-controlled scheme which is restricted to a relatively small segment of the housing market won’t rely on the support of the federal government.NSW Treasurer Matt Kean has historically shown more ambivalence to the proposal which he has called “Premier Perrottet’s preferred method”.
According to government estimates, based on an average NSW household which saves about 15 per cent on a median income, opting to pay a land tax over stamp duty could bring forward buying a home by about two years.
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