NSW first-home buyers can now choose between stamp duty or a land tax
First-home buyers in New South Wales can now choose between paying ongoing land tax or an upfront stamp duty for properties worth up to $1.5 million.
NSW Premier Dominic Perrottet’s reforms to stamp duty have passed parliament. (Photo: AAP) (Image source: Shutterstock.com)
First-home buyers in New South Wales are now able to choose between paying an annual land tax or a one-off stamp duty levy after the tax reform measure passed parliament on Thursday (10 November).
The legislation gives first-home buyers the option to pay an annual tax on all properties up to $1.5 million.
The NSW Labor opposition has already vowed to abolish the Perrottet government’s stamp duty reforms if it wins the next election in 2023.
Mr…
