Two-thirds of eligible first home buyers expected to choose land tax | rabe9
The NSW government expects almost two-thirds of eligible first home buyers to capitalise on its reform to stamp duty and opt for an ongoing land tax, costing the state more than $660 million over four years.
“In order to do wide-scale stamp duty reform it needs support from the Commonwealth government,” Kean said on Tuesday. Budget papers revealed the state expects to generate more than $14 billion from transfer duty on homes in 2021-22 financial year. That will decline to $10.8 billion in 2022-23, and $8.9 billion in 2023-24. A deferral scheme for the annual land tax is available for people who cannot afford it.
“This is really a productivity story. We make it hard for people to change locations ... we don’t get the right sized property for where people are in their life-cycle. They’re the really big, long-term benefits,” he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Three people, two dogs jump overboard as yacht burns and sinksAn emergency rescue of people and dogs unfolded on a US river when this vessel, the Elusive, caught fire.
Read more »
Two actors from Netflix show The Chosen One die in Mexico crashRaymundo Garduno and Juan Francisco Aguilar, as well as six other people who were injured, were in van that flipped in desert
Read more »
Blues make changes to squad for Game TwoNew South Wales Coach Brad Fittler has made several changes to his squad for Game Two of the 2022 Ampol State of Origin series.
Read more »
Hamish Blake takes out Gold Logie as TV’s biggest night returns after two yearsLego Masters host hamishblake emerged as Logies night’s golden boy, winning the Gold Logie for most popular personality on Australian TV, and pocketing the inaugural Bert Newton Award for most popular presenter | michaelidato
Read more »
Hamish Blake takes out Gold Logie as TV’s biggest night returns after two yearsThe popular host also took home the inaugural Bert Newton Award for Most Popular Presenter on a winning night for Lego Masters Australia.
Read more »
Queensland balancing two booms as budget books arriveAs coal and property prices soar, Treasurer Cameron Dick faces twin revenue windfalls — and their potential benefit to the state — as he hands down the Palaszczuk government’s eighth budget on Tuesday.
Read more »