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Buyers should act now to dodge the new 'Keneally tax'
29 May 2010
The new tax applies to any property valued at over $500,000 which is well below the average Sydney house price of $600,000.
“This is a tax on the ‘mortgage heartland’ of NSW which will hit all property buyers in less than a month,” said REINSW President Wayne Stewart.
“Our message to buyers is move fast and deny the NSW Government this new tax by completing purchases, including settlement and registration of transfer, before the 1 July deadline.
“That is the only way to safely ‘dodge the Keneally Tax'”.
“Any property settlement that is both completed and registered prior to 1 July 2010 should not be subject to the new tax which will add hundreds, if not thousands, to the already high stamp duty costs imposed in NSW.
Premier Keneally says “it is anticipated that the ad valorem fee will raise $80 million to $100 million”.
“For properties valued up to $1 million, the new tax will add between $100 to $1,000 in additional fees.
“Send a message to the NSW Government and ‘dodge the Keneally Tax’ while you still have time,” said Mr Stewart.
What you will pay in new taxes from 1 July 2010 *
- $550,000 - $100 on top of $20,240 transfer duty
- $600,000 - $200 on top of $22,490 transfer duty
- $700,000 - $400 on top of $26,990 transfer duty
- $750,000 - $500 on top of $29,240 transfer duty
- $800,000 - $600 on top of $31,490 transfer duty
- $900,000 - $800 on top of $35,990 transfer duty
- $1 000,000 - $1,000 on top of $40,490 transfer duty
- $1,500,000 - $2,250 on top of $67,990 transfer duty
- $1,800,000 - $3,000 on top of $84,490 transfer duty
* transfer duty amounts don’t include FHPLUS or HCAP or other concessions
Please direct media enquiries to Julian Brophy on 0408 276 749
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