NSW Labor Leader Chris Minns to Scrap Stamp Duty for First-Home Buyers on Properties Worth up to $800,000

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NSW Labor has promised to scrap stamp duty for first-home buyers of properties worth up to $800,000 and a concession rate for those up to $1 million if it wins the upcoming state election. 

The Labor party claimed that 95% of all first-time homebuyers in the state would pay no tax or a lower rate on their property with the new tax changes.

First-time home buyers purchasing properties under $1.5 million now have a choice between paying upfront stamp duty or an ongoing $400 annual property tax plus 0.3% of the property’s land value, Liberal premier, Dominic Perrottet, announced in the state budget released in June and approved by parliament in November.

However, the plan was rejected by Labor, who referred to it as a “forever tax” and a “Trojan horse” to impose a permanent broad-based land tax on residential homes that future governments might raise.

“I understand the stress of trying to purchase your first home,” Chris Minns, the head of Labor, remarked when unveiling the new policy on January 2. “I want more singles, couples and families realising this dream. What I will not do is saddle first home buyers with a new, yearly tax bill that increases every year.”

According to Revenue NSW, “stamp duty, commonly known as transfer duty, brought in $14.5 billion for NSW in the fiscal year 2021–2022.”

The Labor Party’s declaration came the same day it unveiled details of a policy that would strengthen renters’ rights to pets in NSW by enabling them to apply for permission to retain a pet and receive automatic approval if their landlord didn’t respond to their application within 21 days.

It remains to be seen whether the policy will convince voters and take Labor over the line in the upcoming state election. Still, Mr Minns is hopeful that it will help to make homeownership more achievable for those who need it most.

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