The government of New South Wales has announced that homeowners who have lost their homes due to bush fires can waive their stamp duties when they buy a new home.
In a press release, Revenue NSW said that stamp duty relief up to $ 55,000 will be granted to victims of bush fires. The relief will be available for those who intend to buy from another location instead of just rebuilding. Under the grant, stamp duty will be waived for properties up to $ 1.25 million in value.
The exemption will also be available for those who have already purchased a home during the bush fire season.
[Victoria9002] The Victoria State government also announced similar tax relief in January.
The Housing Industry Association (HIA) has stated that it welcomes the decision of the government of New South Wales; however, it maintains its position on stamp duty as a major obstacle for future owners.
"Taxes such as stamp duty are a major obstacle for people buying their own house and by significantly reducing these costs, people will be able to move into a new house sooner and hopefully resume the course of their lives with as little anxiety as possible, "said David Bare, executive director of HIA NSW.
More details and information on the tax break will be available in the coming days, according to Revenue NSW.
New South Wales Treasurer Dominic Perrottet lobbied the federal government early last month to act on tax reforms, including the removal of stamp duty.
"It is very difficult to embark on a reform if we have a new Prime Minister every two years in this country. We need political stability to deliver better reform for today and for the future. 39; future, "said Perrottet in a TV interview for Sky. New.
Perrottet obtained the support of several groups, including the Australian Taxpayers & # 39; Alliance.
"Australians have become disillusioned with the housing market due to lack of affordability and high transaction costs. With the exception of Hong Kong, Sydneysiders cop the homes least affordable in the world, "said Julia Kokic, a research associate at ATA.
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