Stamp Duty reforms must start a dialogue on tax
Indexing the stamp duty brackets is expected to deliver a $500 saving on all homes by 2021 however other taxes, in the form of infrastructure levies in Western Sydney, could increase by $50,000.
UDIA NSW chief executive, Steve Mann, said “this is a sensible reform, but the Government needs to do much more to address the ongoing housing affordability crisis.
“Already, 25 per cent of the cost of a new home is taxes and charges. Tax increases announced last year will increase the tax burden to 35 per cent in Western Sydney by July 2020.
“Now is the time for the Government to work with industry to develop new ways to reduce the tax burden on new homes.”