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ARTICLE · 28 JUNE 2022

NSW changes to property taxes - 5 top tips

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The 2022-2023 NSW Budget, handed down on midday Tuesday 21 June 2022, announced one of the largest reforms to property taxation in NSW for a generation.

In our last article, important changes were also made to the Duties Act 1997 (NSW) (Duties Act), the Land Tax Act 1956 (NSW) (Land Tax Act) and the Taxation Administration Act 1996 (NSW). On 19 May 2022, the State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022 (Act) received Royal Assent and is the commencement date for the provisions.

How will the changes impact your clients' property dealings? Here are our top 5 tips:

1. First Home Buyer Choice scheme

Under the new First Home Buyer Choice scheme, a first home buyer purchasing a property up to the purchase price of $1.5 million will have the choice to pay an annual property tax instead of an upfront duty. This is a different proposition to last year's property tax reforms (outlined in our previous article), as the scheme is limited

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