“NSW Transfer Duty revenue for 2015-16 is more than $1 billion over Budget at $8.886 billion, instead of the forecast $7.841 billion.
“Looking ahead NSW Transfer Duty revenue for 2016-17 is budgeted at $8.777 billion, still more than the Transfer Duty Budget for last financial year 2014-15 of $7.29 billion and almost as high as the 2015-16 original budget of $7.841 billion, notwithstanding abolition of duty on transfers of non-land business assets from 1 July 2016.
The foreign investor surcharges in relation to NSW residential land are budgeted to bring in over $1 billion revenue over the next 4 years to 30 June 2020 which means that it is unlikely that the measures will operate to take pressure off the price of NSW residential land.
“It is time for the greed to stop. Year after year, budget after budget, the NSW government has the opportunity to support first homebuyers and those looking to purchase property and it continues deny them a fair go.
“Affordability is essential to the continued viability of our great state and the nonsense must stop,” Mr Cunningham said.
New property related taxes in the 2016-2017 budget:
Taxes previously legislated to be abolished from 1 July 2016 are confirmed to be abolished from that date, namely NSW Mortgage duty, NSW Transfer duty on transfers of unquoted marketable securities and NSW Transfer duty on transfers of non-land business assets.
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