NSW announce plans to phase out stamp duty as state records $16 billion budget deficit

·

Treasurer Dominic Perrottet will undertake the state’s biggest tax reform in decades with stamp duty to be phased out to boost the economy as NSW records a historic $16 billion budget deficit.

In his fourth budget, handed down on Tuesday, Mr Perrottet said replacing stamp duty with an annual land tax on new property transactions would be a key stimulus measure, injecting as much as $11 billion into the state’s economy over four years.

“This is the reform we need to implement,” Mr Perrottet said.

 Picture: John Appleyard/Daily Telegraph

Mr Perrottet said the state’s stamp duty system was centuries old and needed to be overhauled to give residents a modern tax system.

The government will seek community consultation on its proposed model to replace the transfer tax until March, which would give people buying a property the choice between paying stamp duty upfront or opting for the smaller annual property tax.

The present stamp duty concessions for first home buyers would also be replaced with a $25,000 grant, with the option of using the money on refurbishing the property.

Mr Perrottet said he wanted stamp duty overhauled “as soon as possible”.

The state’s debt will peak at $104 billion in 2023/2024 and the budget will not return to surplus until 2024/2025. NSW has not had a budget in the red for almost a decade.

Sourced By: SMH

greek film festival sydney new

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Dr Christos Theologos: ‘Dance keeps us bound to our roots, from Chios to Sydney’

As part of the Zeibekiko Festival Australia, respected folklorist Dr Christos Theologos will lead a series of lectures and workshops.

South Melbourne turns to supporters ahead of Australian Championship kick-off

The opening clash of the Australian Championship will be an event shaped by the voices of the fans themselves.

Low birth rates and ageing: The silent enemy of the Greek nation

From the late 1990s it had become clear to Greek demographers and social scientists that the number of births in Greece was falling.

Peta Trimis: The new star of Australian football with a Hellenic soul

At just 19 years old, Peta Trimis is already being hailed as one of the brightest young stars of Australian football.

A second chance at life: Angelo Alateras’ journey from mechanical heart to transplant hope

After years on life support, 80kgs lost, and 615 days of physio, Angelo finally received the gift of a new heart.

You May Also Like

Former Sydney teacher Vasilious Kafataris allegedly sent underage girl explicit picture, gifts

Former English teacher Vasilious (Bill) Kafataris allegedly sent an underage girl an explicit photo and showered her with gifts.

Never-before seen photographs of Cyprus invasion to be exhibited in Sydney

Never-before seen photographs of the Turkish invasion of Cyprus will be exhibited at the Cyprus Club in Sydney.

George Laggis’ battle with suicidal thoughts and major depressive disorder

George Laggis tells TGH exclusively how he felt 'ashamed' for needing treatment for his suicidal thoughts in a mental health facility.