Mortgage Duty
In the 2007 NSW budget, mortgage duty was to be abolished in 3
stages.
- from 1 September 2007 - on mortgages for owner
occupied housing (where the mortgagor is an individual).
- from 1 July 2008 – on mortgages that
are made in connection with investment housing (private
dwellings)
- the balance of mortgage duty was to be abolished from 1
July 2009
Under last nights mini budget this final piece was unwound
– and mortgage duty now stays (including for term and
development finance) until I July 2012.
Land tax
Effective from the 2009 land tax year a new premium land tax
marginal rate of 2 per cent will apply to land tax payers with
total taxable land holdings above $2.25 million. The land holding
below the premium threshold will remain subject to the 1.6 per cent
rate and receive the 2009 tax free threshold of $368,000. The
premium threshold will be indexed for the 2010 and following tax
years. The premium marginal rate does not apply
