Proposed Stamp Duty Overhaul

The NSW government has today announced its 2020-21 budget. A part of the budget announcement by NSW Treasurer Dominic Perrottet was a proposal to reform the State’s archaic stamp duty regime.  In an effort to make housing more affordable, the Treasurer announced that the government is looking into a model that would allow home buyers the choice of either a one-off stamp duty payment or smaller annual property charges.  Rather than the initial average $34,000 lump sum payment of stamp duty at the time of completing the purchase of a property, buyer’s may choose to instead spread this cost over a number of years.  It is estimated that this scheme could reduce outlays by $20,000 over the first four years of homeownership. “We have a model that we think works and this is something we will consult on through until March,” Treasurer Dominic Perrottet said of the proposed reform. The proposal is open for public consultation until 15 March 2021.  Members of the public can have their say on this proposal thorough the below website: https://www.haveyoursay.nsw.gov.au/nsw-property-tax-proposal   The team…

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PLANNING E ALERT: REFORMS TO DEVELOPMENT CONTRIBUTIONS AND LEVIES

Back in November, the NSW Premier, Gladys Berejiklian, highlighted four crucial areas of reform to the NSW planning system for 2020, including addressing the uncertainty of developer contributions to propel investment in the sector. The Planning and Public Spaces Minister, Rob Stokes, considers this uncertainty and lack of transparency “the number one issue I hear from industry”. Mr Stokes has now announced the appointment of Productivity Commissioner Peter Achterstraat to undertake a review of the current contributions and offer recommendations for a new system by the end of this year.

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