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ARTICLE · 18 JUNE 2010

NSW Budget Implications For Property

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The NSW state budget delivered in June 2010 announced certain exemptions and concessions to stamp duty on property, as well as a new tax on property purchases.

AustraliaGovernment, Public Sector
Mary Digiglio
Mary Digiglio
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In brief

The NSW state budget delivered in June 2010 announced certain exemptions and concessions to stamp duty on property, as well as a new tax on property purchases.

Home Builders Bonus (HBB)

The budget reveals that stamp duty on property will undergo significant changes, which are to be set out in the State Revenue Legislation Amendment Bill 2010.

The government is introducing the NSW Home Builders Bonus in an attempt to stimulate the construction of new homes in NSW by providing exemptions and concessions for certain new home purchases, off the plan purchases, vacant land purchases and purchases by eligible seniors of newly constructed homes as their principal place of residence.

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