The newly-elected NSW O’Farrell government has confirmed pre-election promises to abolish a housing levy and extend a stamp-duty exemption.In its 100 Day Action Plan released yesterday, the NSW Government confirmed it will offer a two-year stamp duty exemption to over 55s who move into a new home between 1 July 2011 and 30 June 2012. According to advice from Gadens Lawyers, the exemption will apply to new home purchases and off-the-plan purchases made in connection with a relocation of residence by people over 55.
The state government also pledged to axe the Torrens assurance levy, a levy currently imposed on property transfers above $500,000. The levy was calculated at 0.2% for transfers between $500,000 and $1m, and at 0.25% for properties above $1m. The abolition of the levy is set to come into effect from July 2011.
(Source: By Adam Smith | 6/04/2011)
