Tax deductions you can claim on your investment property
Investment properties (or properties used for income-producing purposes) have unique tax deductions that you can use to ...
New South Wales’ bushfire-affected residents who choose to purchase a replacement home instead of rebuilding will be able to access stamp duty relief, it’s been revealed.
The state government has revealed a stamp duty relief package in the aftermath of arguably Australia’s worst bushfire crisis to date.
People purchasing replacement homes instead of rebuilding will only begin paying stamp duty once the amount payable is over $55,000 — applicable to homes purchased in excess of $1.25 million.
The government also noted that eligible people who have already paid stamp duty will be able to apply for a refund.
According to NSW Treasurer Dominic Perrottet, the stamp duty relief package will allow people more flexibility and financial freedom while making “one of their most important decisions in the recovery process”.
“Losing your home is one of the worst things anybody has to face and deciding whether to rebuild or relocate is no doubt on a lot of minds,” he commented.
The treasurer said the package would allow people “to weigh up their options, and if they do decide to purchase a replacement home, they can do so without the added financial burden and stress of paying stamp duty”.
The government decision has been welcomed by the Housing Industry Association (HIA).
The executive director of HIA NSW, David Bare, has said the association “fully supports the NSW government getting behind those who have been displaced in this bushfire emergency”.
He said taxes and stamp duty “are a major impediment to people buying their own home, and by significantly reducing these fees, people will be able to get into a new house sooner and hopefully get their lives back on track with as little angst as possible”.
The director acknowledged that “when you have to pick up and start again, the prospect can be made even more daunting by hidden costs and taxes”.
“At a time of great hardship for those affected, it’s eliminating costs that add to suffering that counts the most,” Mr Bare said.
“This move will go some ways to alleviating that suffering.”
It comes after Victoria introduced measures to provide stamp duty relief for residents who wished to relocate instead of rebuild after the bushfire crisis.