OPINION: Lack of federal support explains why the policy included in the NSW budget falls a long way short of the more ambitious proposal flagged by the Premier.
NSW will offer first home buyers the option of paying an annual land tax rather than stamp duty if they buy a property worth up to $1.5 million.AAP
Worst of all, this week’s announcement does nothing to make it easier for existing home owners to move.Worst of all, this week’s announcement does nothing to make it easier for existing home owners to move, which is the main rationale for stamp duty reform in the first place. Nor do the reforms announced this week set NSW on the path to permanently replacing stamp duty with a land tax.Perrottet’s earlier proposal envisaged an opt-in model as a way to gradually shift all properties into the land tax net. Once someone chose to pay land tax rather than stamp duty on a property, it would be subject to land tax even after it was sold.
Rather than taking the first step on the road to broader stamp duty reform, the premier is leading us into a cul-de-sac.Even more disappointing was the reaction of NSW Opposition Leader Chris Minns, who declared his opposition to a “tax on every single home forever”.
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