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| NSW passes stamp duty reforms to allow first home buyers to pay an annual land tax | NSW passes stamp duty reforms to allow first home buyers to pay an annual land tax |
| (about 1 hour later) | |
| Home owners can choose between paying ongoing tax or an upfront stamp duty for properties worth up to $1.5m | Home owners can choose between paying ongoing tax or an upfront stamp duty for properties worth up to $1.5m |
| First home buyers in New South Wales will now be able to choose between paying an annual land tax or an upfront stamp duty on their property after Dominic Perrottet’s signature tax reform was passed in parliament. | First home buyers in New South Wales will now be able to choose between paying an annual land tax or an upfront stamp duty on their property after Dominic Perrottet’s signature tax reform was passed in parliament. |
| The legislation, which passed on Thursday, covers all properties bought by first home buyers worth up to $1.5m. | The legislation, which passed on Thursday, covers all properties bought by first home buyers worth up to $1.5m. |
| Buyers could access the scheme by Saturday, as the premier has vowed to call the NSW governor, Margaret Beazley, to seek a hasty assent for the new legislation. | |
| It will mean first home buyers could access the scheme by Saturday. | It will mean first home buyers could access the scheme by Saturday. |
| Perrottet, who has long wanted stamp duty reform, said the policy would allow people to save more. | |
| “For the first time, we will provide first home buyers with a choice, helping thousands of people to shave around two years off the time needed to save for a deposit,” he said. | |
| “We know there could be nothing more important than home ownership, particularly for young families.” | “We know there could be nothing more important than home ownership, particularly for young families.” |
| Labor was vehemently opposed to the scheme, calling it a “Trojan horse” created by the government to introduce a broad-based land tax on families that will steadily increase over time. | |
| “Our concern is that future governments will jack up the land tax rate,” the Labor leader, Chris Minns, said Thursday. | “Our concern is that future governments will jack up the land tax rate,” the Labor leader, Chris Minns, said Thursday. |
| “If you’re already on that merry-go-round, you have to trust this premier and all future premiers not to up the land tax rate on your family home.” | “If you’re already on that merry-go-round, you have to trust this premier and all future premiers not to up the land tax rate on your family home.” |
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| Labor vowed to repeal the legislation if it wins government at the March election, although any first home buyers who used the scheme will be able to continue to pay land tax. | Labor vowed to repeal the legislation if it wins government at the March election, although any first home buyers who used the scheme will be able to continue to pay land tax. |
| Greens MP Abigail Boyd criticised both parties over their approach to the bill and had proposed it be amended so it would not come into effect until after the election. | |
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| “It seems like an incredible waste of time and money, as well as creating huge uncertainty for first home buyers, if we allow this … bill to take effect now, only to have it unwound if Labor win the next election,” Boyd said. | “It seems like an incredible waste of time and money, as well as creating huge uncertainty for first home buyers, if we allow this … bill to take effect now, only to have it unwound if Labor win the next election,” Boyd said. |
| Her amendment was defeated. | Her amendment was defeated. |
| The premier has insisted the reform will allow first home buyers to make a decision to suit their own financial circumstances. | The premier has insisted the reform will allow first home buyers to make a decision to suit their own financial circumstances. |
| “This will enable young people particularly to get into the housing market faster, to have their wealth grow with them,” Perrottet said. | “This will enable young people particularly to get into the housing market faster, to have their wealth grow with them,” Perrottet said. |
| Choosing the annual tax will pay the equivalent of the up-front stamp duty after 21 years to 63 years, depending on the purchase price, according to property developer lobby group Urban Taskforce. | |
| “These changes will make it easier for first home buyers to enter the market and the choice, for most, will be a no-brainer decision,” said chief executive, Tom Forrest. |