NSW proposes annual property tax as alternative to stamp duty
Article by Alan Burn, Content Specialist, Wolters Kluwer
The last major reform to the revenue balance of NSW state taxes was the 2005 vendor duty on property investors — what, only 15 years ago? Poorly timed and unpopular, the duty impacted residential landlords and superannuation funds, and was accompanied by land tax changes that reduced average annual land tax bills for some, but also created more taxpayers. The vendor duty was never able to shake off the perception that it was another capital gains tax and was shelved in 2006.
