Making home ownership more achievable in NSW

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The NSW Government wants to help the people of NSW achieve the Australian dream of home ownership and grow the NSW economy.

To help make this happen, the Government is considering a once in a generation change of giving home buyers the choice to pay either stamp duty and land tax (where applicable) or a new smaller annual property tax.

Changes to stamp duty

Stamp duty is one of the biggest financial barriers to home ownership.

If implemented, the proposed changes could give you the freedom to choose between paying stamp duty upfront or paying a much smaller annual property tax, when you buy your next home.

Removing the upfront cost of stamp duty could remove tens of thousands of dollars from the home purchase process and make it easier for first home buyers, families looking to upgrade and others looking to change their property to save what is needed to purchase their next home.

Unless you are buying a property, there would be no change. If you have already paid stamp duty on your existing property, you will not be subject to property tax. There is no double taxation.

Land tax

Land tax places a large tax burden on a small number of taxpayers. If the proposed changes are implemented, property buyers could choose to pay either stamp duty and land tax (where applicable) or an annual property tax.

Benefits

This proposed reform could put money back into the pockets of NSW residents when taking the significant financial step of buying a home.

It could also provide a critical economic boost, not only injecting much-needed stimulus ($11 billion in the first four years) in the current downturn, but also delivering the most significant reform to strengthen our state’s economy and increase our people’s prosperity over the long term.

Tell us what you think

Help us shape these proposed changes to deliver the maximum benefit to our state and its people.

You can do a quick poll, share your thoughts or complete the survey. You can participate in as many ways as you choose.

For more information on the changes, read the consultation paper or visit the NSW Treasury website.

Feedback so far

Thank you for visiting the site for consultation on the future of the NSW property tax system. Since the public consultation opened on 17 November 2020, we have heard from thousands of people in NSW. The response has revealed broad support for the reform and we thank those who have contributed.

As at the middle of February:

  • more than 4,400 people have responded to the quick poll
  • more than 2,500 people have completed a survey.

From the survey:

  • 83% of respondents think changes are needed to stamp duty
  • 74% say they would likely opt-in.

The public consultation will close on Monday 15 March 2021. We encourage you to have your say on this important reform before then.

The NSW Government wants to help the people of NSW achieve the Australian dream of home ownership and grow the NSW economy.

To help make this happen, the Government is considering a once in a generation change of giving home buyers the choice to pay either stamp duty and land tax (where applicable) or a new smaller annual property tax.

Changes to stamp duty

Stamp duty is one of the biggest financial barriers to home ownership.

If implemented, the proposed changes could give you the freedom to choose between paying stamp duty upfront or paying a much smaller annual property tax, when you buy your next home.

Removing the upfront cost of stamp duty could remove tens of thousands of dollars from the home purchase process and make it easier for first home buyers, families looking to upgrade and others looking to change their property to save what is needed to purchase their next home.

Unless you are buying a property, there would be no change. If you have already paid stamp duty on your existing property, you will not be subject to property tax. There is no double taxation.

Land tax

Land tax places a large tax burden on a small number of taxpayers. If the proposed changes are implemented, property buyers could choose to pay either stamp duty and land tax (where applicable) or an annual property tax.

Benefits

This proposed reform could put money back into the pockets of NSW residents when taking the significant financial step of buying a home.

It could also provide a critical economic boost, not only injecting much-needed stimulus ($11 billion in the first four years) in the current downturn, but also delivering the most significant reform to strengthen our state’s economy and increase our people’s prosperity over the long term.

Tell us what you think

Help us shape these proposed changes to deliver the maximum benefit to our state and its people.

You can do a quick poll, share your thoughts or complete the survey. You can participate in as many ways as you choose.

For more information on the changes, read the consultation paper or visit the NSW Treasury website.

Feedback so far

Thank you for visiting the site for consultation on the future of the NSW property tax system. Since the public consultation opened on 17 November 2020, we have heard from thousands of people in NSW. The response has revealed broad support for the reform and we thank those who have contributed.

As at the middle of February:

  • more than 4,400 people have responded to the quick poll
  • more than 2,500 people have completed a survey.

From the survey:

  • 83% of respondents think changes are needed to stamp duty
  • 74% say they would likely opt-in.

The public consultation will close on Monday 15 March 2021. We encourage you to have your say on this important reform before then.