
25/10/2024
On 21 October 2024, the Victorian Government announced a temporary off-the-plan duty concession to ease the financial burden for buyers of off-the-plan properties like apartments and townhouses in strata subdivisions. This new concession is set to last for 12 months and attempts to address ongoing challenges in the Victorian property market, particularly amid high construction […]
26/03/2024
The new Victorian Commercial and Industrial Property Tax (CIPT) will impact property purchases after 1 July 2024. This is a significant change to transition away from stamp duty for commercial and industrial property. There are numerous complexities in the proposed legislation. The Commercial and Industrial Property Tax Reform Bill 2024 was introduced into the Victorian […]
09/10/2023
The New South Wales (NSW) Chief Commissioner’s guidelines on stamp duty and property leasing provide essential guidance for calculating the dutiable value of complex lease agreements. Understanding these rules is vital for developers, landholders, and businesses involved in leasing property, especially with conditions that require the lessee to undertake construction or improvements. This article aims […]
03/10/2023
The NSW Budget delivers a $3.1 billion housing and planning investment package to address the state’s housing crisis. However, the property sector will also face increased taxes as the Government announced some significant tax changes in the Budget. SW experts has summarised all these changes below. 1. Corporate reconstruction and consolidation exemption concession amended to […]
22/06/2022
The NSW Government has announced first home buyers will be able to choose to pay an annual property tax instead of stamp duty. This significant proposed property tax reform aims to reduce the upfront cost for purchasing a home. First home buyers purchasing properties up to $1.5m as their principal residence will now be able […]
06/04/2022
Broad ranging stamp duty amendments currently being considered in NSW include extending duty to change of beneficial ownership transactions, expanding anti-avoidance provisions, increasing penalties for SGEs and introducing promoter penalties. On 23 March 2022, the State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 (NSW) was introduced into the New South Wales Legislative Assembly. The […]
27/11/2020
As one of the biggest financial barriers to homeowners, the proposed changes to the NSW Stamp Duty regime may bring NSW residents the freedom to pay an annual property tax instead of an upfront duty. A consultation Paper, which proposes to replace the current stamp duty and land tax with a single annual property tax […]
18/11/2020
The NSW Government has tabled a 2020-21 State Budget which is very much focused on job creation and the improvement of government services, whilst continuing to keep people safe. Key Takeaways Projected deficit of $16bn (2019-20 deficit $6.9bn). Return to surplus by 2024-25 $29bn committed to economic support measures (including pre-budget measures) in response to the […]