The NSW Government Budget 2007/2008

The Budget makes significant changes to the timing of the abolition of Mortgage Duty and provides other reductions in duty.

The land tax rate will be cut to 1.6% from 1.7% for the 2008 land tax year, beginning 1 January 2008.

Mortgage duty will be abolished in advance of the schedule confirmed in last year’s budget. Under the new schedule, mortgage duty will be abolished in three stages:

• from 1 September 2007, for individuals taking out mortgages of owner-occupied residences

• from 1 July 2008, for individuals taking out mortgages of non-owner-occupied residences

• from 1 July 2009, total abolition of mortgage duty.

Stamp duty on the hire of goods will be abolished from 1 July 2007 and on leases from 1 January 2008.