Premier s sneaky tax on property

Posted on 2010-05-19

 

NSW homebuyers will be slugged with a $90 million property tax in an audacious Keneally Government cash grab under the cover of the Federal Budget.

In a slap in the face to Prime Minister Kevin Rudd - and western Sydney's mortgage belt voters - the tax was quietly slipped through the NSW Upper House late yesterday.


Expected to come into effect at the same time as electricity prices increase in July, the tax will add between $200 and $1000 to the cost of buying a home and will apply on transfer fees for properties worth more than $500,000.


The median Sydney house price in March was $595,745, according to Australian Property Monitors.


Businesses will not be spared. Commercial investors expect to pay up to $500,000 in extra taxes on typical CBD office space.


The tax will be added to the existing tax on title transfers at 0.2 per cent on properties between $500,000 and $1 million and 0.25 per cent above that.

Source: The Daily Telegraph

 

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DISCLAIMER: Every care has been taken to verify the accuracy of the information contained herein, but no warranty is given or implied and prospective purchasers/ tenants are advised to carry out their own investigations. Details herein do not constitute any representation by the vendor. Lessor or the agent and are expressly excluded from any contract.