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

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Historic ties remembered as Greece’s Evzones march in Adelaide’s ANZAC Day parade

During a Dawn Service at West Torrens on Friday, April 25, the Evzones stood guard alongside Australian army battalion in remembrance.

Greek glamour meets Aussie pop: Inside the colourful universe of Stavroula Adameitis

Adelaide-born designer Stavroula Adameitis is a creator of bespoke pieces that she describes as ‘wearable art.’

Melbourne seminar to focus on the odyssey of Michel ‘Pablo’ Raptis

Michel Pablo was a twentieth century revolutionary whose life and ideas remain relevant and inspirational until today.

Lawyer Greg Masselos warns NSW workers’ comp changes could devastate frontline workers

Greg Masselos has warned that proposed changes by the NSW government to raise the threshold for claims could have devastating consequences.

Niki Louca shares how to make Focaccia Bread

Niki Louca from My Greek Kitchen shares her favourite recipe for pita bread with The Greek Herald. You can follow her on Instagram.

You May Also Like

WA Police offer $1 million reward for John Tzellaidis’ unsolved murder

Western Australia police are calling people to come forward with vital information for the murder of John Tzellaidis in 1978, Dampier.

Tribute to be held in Sydney for wrestling legend Andy Harpas

Wrestling legend Andy ‘The Animal Hurricane’ Harpas passed away on the 2nd of February 2024 at the age of 76.

Coroner rules Michael Mosley’s cause of death ‘unascertainable’

The death of TV presenter Michael Mosley has been recorded indeterminate, which was described as "unascertainable" by a UK coroner.