More than eight out of ten homes sold in Australia’ state of New South Wales would qualify for a proposal allowing first home buyers to opt for an annual land tax over paying one-off stamp duty, the government says.
About 84 per cent of homes sold fall under the A$1.5 million (US$982,192) threshold for the scheme, which the government hopes to introduce by January.
It’s part of the government’s A$2.8 billion (US$1.8 billion) housing package in the June budget.
“This is all about giving first home buyers the power to choose an alternative to upfront stamp duty,” NSW Treasurer Matt Kean said on Saturday….