Exclusive: NSW to phase out stamp duty, introduce property tax | AlexSmithSMH
NSW Premier Dominic Perrottet’s long-held goal to radically overhaul stamp duty and introduce a broad-based land tax will be one of the major reforms in the government’s final pre-election budget.can confirm Perrottet will embark on the significant reform, which will mean some home buyers will be able to opt in to an annual land tax rather than an upfront stamp duty payment.
Perrottet would not reveal the details of the package to be unveiled in the budget, and NSW Treasurer Matt Kean is leaving it to the premier to detail his signature policy. However, theThe premier championed stamp duty reform when he was treasurer – describing it as an “inherently terrible tax” – but Perrottet has repeatedly said the state could not afford to overhaul the tax system without financial help from the federal government.
Revenue from stamp duty surged by more than $5 billion during the pandemic on the back of higher house prices. Data from Revenue NSW shows the government collected $12.2 billion from land-related transfer duty in the 10 months to April 2022. NSW Labor’s shadow treasurer Daniel Mookhey said Perrottet had no mandate to introduce a new land tax on the family home.
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