NSW LIBERALS AND NATIONALS REDUCE TAX FOR NSW HOMEBUYERS

NSW LIBERALS AND NATIONALS REDUCE TAX FOR NSW HOMEBUYERS

13 May 2011

The NSW Liberal and Nationals Government have delivered another election commitment to reduce the tax burden for NSW taxpayers, Nationals Thomas George, Member for Lismore said today.

A Bill to completely abolish Labor’s homebuyers’ tax and another to extend existing stamp duty concessions have now been passed by the NSW Parliament.

“We have abolished Labor’s homebuyers’ tax, which means NSW families will save paying an average of $1250 in tax when they buy a home,” Mr George said.

“We have also extended stamp duty concessions for homebuyers, delivering on yet another election commitment to NSW taxpayers.”

The Real Property Amendment (Torrens Assurance Levy Repeal) Bill 2011 repealed the notorious homebuyers’ tax introduced by the former Labor Government last year.

The Duties Amendment (Senior’s Principal Place of Residence Duty Exemption) Bill 2011 further extended the eligibility of an existing stamp duty concession for ‘empty-nesters’.

“By extending stamp duty concessions, we will deliver a saving of up to $22,490 for NSW homebuyers.

“This will further encourage ‘down-sizing’ and the regeneration of the State’s housing stock – helping to boost the State’s economy.”

Previously, those aged 65 and over paid no stamp duty when they purchased a newly constructed home worth up to $600,000. The eligibility for this exemption has now been extended to those aged 55 and over.

Both these tax cuts will be effective from 1 July 2011 and will apply to contracts for sale of land entered into on or after this date. The empty nester scheme is available for an initial twelve months.

“The NSW Government is delivering on its commitment to reduce the tax burden on NSW families and businesses to get the State’s economy moving again,” Mr George said.

Lismore Contact Details:

Office: 55 Carrington Street  LISMORE
Postal: PO Box 52  LISMORE  NSW  2480
Telephone: 02 6621 3624
Facsimile: 02 6622 1403
Email: lismore@parliament.nsw.gov.au

Murwillumbah Contact Details:

Telephone: 02 6672 7577