NSW State Government’s Stamp Duty Refund to Draw More Than 2,500 Applicants as Annual Land Tax Takeoffs

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The New South Wales (NSW) government has launched its land tax scheme, which is expected to attract around 2,500 applications for stamp duty refunds on new properties purchased since the middle of November. 

The Coalition’s proposal, which offers the option of a yearly fee over stamp duty, is expected to receive more applications than the projected 6,000.

During the program’s first year, 6,000 new owners were anticipated to request their stamp duty payments waived in favour of a land tax. 

According to new projections from Revenue NSW, “almost half of those applicants will do so within days of the scheme’s launch on Monday.”

The Coalition will benefit from the program’s quick uptake as both major parties attempt to make housing reform the centrepiece of their electoral platforms ahead of the March election.

On Sunday, Perrottet was questioned about the issue when he attended his 21st birthday party in 2003 while dressed as a Nazi.

He insisted he couldn’t remember who was at the party and didn’t want to “drag” other people into it. “It’s not about other people, and I made a mistake. It’s about what I did,” he stated.

The optional land tax, often known as the “first home buyer choice” scheme, is a favourite initiative of Perrottet, who frequently calls stamp duty the “worst tax.”

The policy, approved last year, gives new homeowners the option of paying annual land tax or upfront stamp duty on homes worth up to $1.5 million.

The state opposition unveiled its plan to eliminate stamp duty for first-time purchasers up to $800,000 – with further rebates on houses valued up to $1 million – in response to Labor’s criticism of the program as a “lifetime tax on the home.”

The government’s aim of encouraging economic growth in the state through increased housing affordability seems likely to be realised, as more people will be able to purchase properties due to the availability of stamp duty refunds.

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