New South Wales: A game-changing new first home buyer tax scheme

A new decision allowing first home buyers in New South Wales to choose between paying an annual title fee or paying a stamp duty up front has been passed, as the Prime Minister considered that the process would begin the reform.

Premier Dominique Perrottet said the state government's plan to select a first home buyer will go into effect today.

After it passed parliament last year, it allows first home buyers to choose between paying stamp duty or annual land tax on properties worth up to $1.5m.

The premier also emphasized that this is an excellent move and a great day for first home buyers.

Starting today, people who have bought their homes since November 11th can sign up for the new cash-back scheme.

In this context, the state government estimates that around 2,500 people will apply for a refund of their stamp duty and pay an annual fee instead.

The homeowner will pay $400 plus 0.3 percent of the land value each year.

Who are eligible?

Anyone over the age of 18 and buying their first home is eligible, plus the home price is $1.5 million or less, and you must be an Australian citizen or permanent resident.

On the other hand, you have to move into the house within the first year and live there for at least six months.



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