NSW State Government has released a new tax for home buyers on top of stamp duty.
This government is infamous for their impeccable timing when it comes to property (many will remember what the introduction of the Vendor Duty did to values in NSW a few years back). The new tax will apply to all property purchasers over $500,000 and will generate an estimated $90 million per year. To give you a idea of the impact of this tax, last year it would have been imposed on around 40,000 buyers. Let’s hope they spend this extra revenue wisely.
New Tax Duty