NSW first home buyers: choice of tax
In a bid to encourage home ownership in NSW, the state government has introduced the First Home Buyer Choice scheme which would allow eligible first home buyers a choice between paying an annual property tax or the traditional stamp duty. Eligible first home buyers of residential properties of up to $1.5m or vacant land of up to $800,000 will be able to access the scheme, provided other conditions are met. The Bill is currently before NSW Parliament and when passed will apply on eligible purchases that settle on or after 16 January 2023.
