Monday 20 June 2022 09:25 PM Dominic Perrottet to finally axe stamp duty in NSW Budget for Australian home ... trends now
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First homebuyers in NSW will no longer have to pay thousands of dollars in stamp duty under a plan to be unveiled in today's state budget.
Premier Dominic Perrottet is phasing out the hated tax, which is paid to the state government by a buyer purchasing a home.
Instead of paying the stamp duty fee up front, first home buyers could chose to pay an annual land tax to the state government instead on properties worth up to $1.5 million.
If buyers decide to opt out of paying stamp duty, they will pay $400 plus 0.3 per cent of the land value per year.
Mr Perrottet flagged the ambitious plan to replace stamp duty with an annual land tax last year when he was treasurer.
Homebuyers in NSW would no longer have to pay thousands of dollars in stamp duty under a plan to be unveiled in next today's state Budget. Pictured: Bondi Beach
Instead of paying the stamp duty fee up front buyers could chose to pay an annual land tax to the state government instead. Pictured: A home auction in Sydney
Buyers will still be able to pay stamp duty if they prefer, unless the property they are buying has already been shifted to the land tax model.
This means stamp duty would be phased out over time as more properties switch to an annual land tax.
However, buyers of the most expensive 20 per cent of homes would still have to pay stamp duty.
The median average stamp duty in Sydney is $49,934.
