Budget ?
- Thread starter Simon H
- Start date
I just read this - taken from The Sydney Morning Herald.
Stamp duty axed for homes up to $500,000
April 6, 2004 - 11:46AM
Related:
Taxes to rise, jobs to go, but Carr defends record
Vote Rate the Carr government's performance
Stamp duty will be abolished for homes costing up to $500,000 in a boost to first-time buyers, NSW treasurer Michael Egan announced today in a mini-budget which aims to slash $365 million off spending but not raise payroll tax or car registration.
He also announced a massive overhaul of the rail system, with an extra $300 million going towards passenger rail in 2004/05.
There will also be $1 billion worth of projects, with the existing 14 CityRail lines being separated and reconfigured into five stand-alone lines.
"These new works will create five independent lines with more reliable and frequent services and reduced congestion and delays," Mr Egan said.
The state would run a deficit of approximately $300 million in 2004/05, he said, describing the mini budget as "big", "bold" and "fair".
As a counterweight to the 2.25 per cent stamp duty levy on the sale of an investment or second property, stamp duty will be abolished for almost all first home buyers.
``There will be a complete exemption for homes costing up to $500,000, with the concession phasing out between $500,000 and $600,000,'' Mr Egan said.
Overall, he said $365 million would be saved through spending cuts and savings.
"The package I will announce today is a Labor response to difficult circumstances," Mr Egan told a specially convened NSW parliament in his mini-Budget speech. "It is big and it is bold and it is fair. Above all it is fair.
"Mr Speaker, these measures include $365 million of targeted expenditure cuts and savings (and) the levying of a 2.25 per cent stamp duty on the sale of properties except for a person's principal place of residence and farms."
Mr Egan ruled out raising payroll tax, insurance stamp duty, car registration and stamp duty for first homebuyers.
"Notwithstanding the Howard/Costello cuts (of $376 million) we are determined not to reverse or claw back the billion dollars per year we previously cut from payroll tax, insurance stamp duty, motor vehicle registration and first homebuyers stamp duty," he told parliament.
Mr Egan said most government agencies would have around $81 million taken from their budgets but Health and Education would be spared.
The departments of Agriculture, Fisheries, Mineral Resources and State Forests will be rolled into a single Department of Primary Industry.
AAP
Stamp duty axed for homes up to $500,000
April 6, 2004 - 11:46AM
Related:
Taxes to rise, jobs to go, but Carr defends record
Vote Rate the Carr government's performance
Stamp duty will be abolished for homes costing up to $500,000 in a boost to first-time buyers, NSW treasurer Michael Egan announced today in a mini-budget which aims to slash $365 million off spending but not raise payroll tax or car registration.
He also announced a massive overhaul of the rail system, with an extra $300 million going towards passenger rail in 2004/05.
There will also be $1 billion worth of projects, with the existing 14 CityRail lines being separated and reconfigured into five stand-alone lines.
"These new works will create five independent lines with more reliable and frequent services and reduced congestion and delays," Mr Egan said.
The state would run a deficit of approximately $300 million in 2004/05, he said, describing the mini budget as "big", "bold" and "fair".
As a counterweight to the 2.25 per cent stamp duty levy on the sale of an investment or second property, stamp duty will be abolished for almost all first home buyers.
``There will be a complete exemption for homes costing up to $500,000, with the concession phasing out between $500,000 and $600,000,'' Mr Egan said.
Overall, he said $365 million would be saved through spending cuts and savings.
"The package I will announce today is a Labor response to difficult circumstances," Mr Egan told a specially convened NSW parliament in his mini-Budget speech. "It is big and it is bold and it is fair. Above all it is fair.
"Mr Speaker, these measures include $365 million of targeted expenditure cuts and savings (and) the levying of a 2.25 per cent stamp duty on the sale of properties except for a person's principal place of residence and farms."
Mr Egan ruled out raising payroll tax, insurance stamp duty, car registration and stamp duty for first homebuyers.
"Notwithstanding the Howard/Costello cuts (of $376 million) we are determined not to reverse or claw back the billion dollars per year we previously cut from payroll tax, insurance stamp duty, motor vehicle registration and first homebuyers stamp duty," he told parliament.
Mr Egan said most government agencies would have around $81 million taken from their budgets but Health and Education would be spared.
The departments of Agriculture, Fisheries, Mineral Resources and State Forests will be rolled into a single Department of Primary Industry.
AAP
"Major reductions in the rate of land tax"
"At present NSW has a high threshold at $317,000 and a rate of 1.7% on top of that. From July 1, the threshold will be abolished and fairer and lower rates will be introduced.
For properties with a land value of less than $400,000 the new rate will be 0.4%
The marginal rate between $400,000 and $500,000 will be reduced from 1.7% to 0.6% and above $500,000 will be reduced from 1.7% to 1.4%.
These changes are designed to do two things.
First, to take some heat out of the frenzied residential invesment property market which has been the major factor driving NSW prices.
And second, provide most businesses with a significant reduction in their land tax bills."
There will also be a 2.25% stamp duty when a property is sold.
"At present NSW has a high threshold at $317,000 and a rate of 1.7% on top of that. From July 1, the threshold will be abolished and fairer and lower rates will be introduced.
For properties with a land value of less than $400,000 the new rate will be 0.4%
The marginal rate between $400,000 and $500,000 will be reduced from 1.7% to 0.6% and above $500,000 will be reduced from 1.7% to 1.4%.
These changes are designed to do two things.
First, to take some heat out of the frenzied residential invesment property market which has been the major factor driving NSW prices.
And second, provide most businesses with a significant reduction in their land tax bills."
There will also be a 2.25% stamp duty when a property is sold.
