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Yeah I think you are right - got mightily confused there. Thanks for sortin it out for me. BTW, if you currently have IP's in two names, does that mean you can double the landtax threshold ie. if you have two properties both in two names, with a combined land value of $150,000 you are safe?

Actually I think you will find, Aceyducy, that the exemptions are for PPoR's less than $500,000. That means that probably 40% of Sydney will be affected in a bad way. Great news for those buying their first house in regional locations though.