NSW Premier Dominic Perrottet’s Stamp Duty Reform
Kanebridge News
Share Button

NSW Premier Dominic Perrottet’s Stamp Duty Reform

As part of the NSW government’s budget, changes have been made to the tax.

By Kanebridge News
Tue, Jun 21, 2022 1:33pmGrey Clock 2 min

NSW first home buyers will be given the choice to pay stamp duty or an annual land tax under a major reform by the Perrottet government in a test to move away from transfer duties.

In Dominic Perrottet’s first budget as the NSW premier, he has proposed an overhaul of property and housing taxes.

Under the new $730 million property tax plan — that sits at the core of the NSW Budget — first home buyers will have the option of paying the upfront cost of stamp duty, or an annual property tax payment of $400 plus 0.3% of the land value of the property. It will be available on homes valued at less than $1.5 million.

Ahead of the budget, Mr Perrottet said the initiative is aimed at aiding first-home buyers get into the market.

“We want to lower the barriers to owning a home for first home buyers seeking a place of their own,” Mr Perrottet said. “In the past two decades, the share of first home buyers under 35 years of age has declined from 67 per cent to 61 per cent.”

The scheme put forward by the Liberal state government is the second of its kind in the country, with the ACT halfway through a 20-year transition away from stamp duty. There, once a buyer accepts the land tax option it is permanently removed from the stamp duty system.

The NSW model will differ from the ACT scheme in that homes can revert to stamp duty once they are sold to a new owner.

Legislation for the new plan will be introduced into parliament in the second half of the yar, with eligible first home buyers to apply to opt into the program from January 16 in 2023. Any home buyers who purchase in between the laws being passed and the program coming into effect will be able to have their stamp duty payments refunded.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
A 600-Year-Old Medieval Villa Overlooking Florence Lists for €12 Million
By LIZ LUCKING 29/05/2024
Property
The suburbs where we’re building the most new homes
By Bronwyn Allen 28/05/2024
Property
Judge Blocks Effort to Auction Graceland
By TALI ARBEL 26/05/2024
A 600-Year-Old Medieval Villa Overlooking Florence Lists for €12 Million

The four-storey, lemon-hued villa boasts more than 16,000 square feet of living space and historic character and charm by the bucket load

By LIZ LUCKING
Wed, May 29, 2024 2 min

A 14th-century villa in the hills overlooking Florence, Italy, has hit the market for €12 million (US$13 million).

Surrounded by cypress trees, vineyards and olive groves, the quintessential Tuscan home was built for the Davanzati family—who were powerful bankers, merchants and patrons during the Italian Renaissance who have a museum named after them in the heart of the city. The villa was one of the family’s multiple country retreats, according to Lionard Luxury Real Estate, which brought the home to the market earlier this month.

Courtesy of Lionard

The four-storey, lemon-hued villa boasts more than 16,000 square feet of living space and historic character and charm by the bucket load.

The ballroom has a giant skylight.
Courtesy of Lionard

On the ground floor there are ​​a number of reception rooms and open-air living areas, with many of them boasting antique paintings, tapestries and stately fireplaces made of marble or carved stone.

The most “magnificent” room, according to Lionard, is the winter garden hall, a ballroom with stuccos, loggias and towering vaulted ceilings, illuminated by an Art Nouveau skylight.

Courtesy of Lionard

On the first floor are multiple double bedrooms and an antique library, and the second floor, while in need of renovation, offers the possibility of creating up to 12 en-suite bedrooms. The villa’s tower has a “delightful sitting room and a rooftop terrace offering a breathtaking view of the city of Florence,” the listing said.

The villa has ivy-covered loggias.
Courtesy of Lionard

The basement, meanwhile, has a cellar with brick vaults that are perfect for wine lovers. An elevator runs between the levels.

Outside, the grounds have well-kept gardens, rolling lawns, a fountain, ancient wells and ivy-covered loggias.

Mansion Global couldn’t determine who is selling the villa, or when they acquired it.

The property is “an oasis of peace,” the listing said, and “one of the most exclusive historical estates on the hills that surround the city of Florence.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
Metallica’s European Tour Showcases Renewable-Energy Big Rigs—And Their Limits
By PAUL BERGER 24/05/2024
Money
The fast-approaching ‘silver tsunami’ set to hit the Australian economy
By Bronwyn Allen 23/05/2024
Money
Young Australians cut back on essentials while Baby Boomers spend freely
By Bronwyn Allen 24/05/2024
0
    Your Cart
    Your cart is emptyReturn to Shop