The NSW state government has released details of its much-anticipated revamping of NSW state taxes in the 2022–23 state budget.
From 16 January 2023, the First home buyer property tax option will enable first home buyers to choose between:
paying an upfront stamp duty, or
an annual property tax.
Originally, the option was to replace stamp duty with the annual property tax in New South Wales. This announcement came as part of the 2020–21 NSW state budget.
The property tax option will be available to first home buyers on purchases of land worth up to $1.5 million, or $800,000 in the case of vacant land. Also, if the first home buyer chooses to pay the stamp duty instead of the annual property tax, other stamp duty concessions may still be available.
Transitional arrangements are also available for contracts entered into from 11 November 2022 (date of announcement) and 15 January 2023.
How to contact us
We’re available to assist you with tax planning including tax deductions. Contact Collins Hume Accountants & Business Advisers in Ballina or Byron Bay on 02 6686 3000.