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Annual Property Tax as an Alternative to Stamp Duty in NSW
Last year, NSW announced important taxation changes by outlining a proposal to transition from the up-front payment of stamp duty to an annual property tax. The proposal is contained in the NSW State Government s 2020-21 Budget and is subject to a public consultation process until 15 March 2021. The NSW Government will review the submissions and report its outcomes in mid-2021.
The Proposal
Under the proposal, purchasers will have a choice to opt-in to pay an annual property tax, or to pay up-front stamp duty plus any ongoing land tax, if applicable. As a result of the dual system, a purchaser will have to decide which tax system best suit their circumstances. Importantly, once a property has been opted-in to pay annual property tax, it will be subject to property tax for all future transactions.