In the NSW Budget handed down on 21 June 2022, the State Government announced plans to make some transfer duty optional from January 2023. However, the scope of the proposal is quite limited at this stage.
The key features announced are as follows:
Of course, legislation must first be enacted and the details remain to be seen, including the transitional provisions that will apply.
If the announcements become law, by next January NSW will have the existing transfer duty regime, the existing land tax regime and a new annual property tax all running in parallel.
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