Stamp Duty or Land Tax?: Making the Right Choice

Recently, the government of New South Wales proposed to offer
first home buyers an interesting choice to help them get into the
property market sooner.


Homebuyers can opt to choose between a large amount of stamp duty
or…


An annual land tax of a much smaller amount.


Now, what are the implications of each option?


In today’s episode, we are going to weigh the pros and cons
between saving up another 5% or so on top of your deposit for
stamp duty OR committing to an annual land tax bill of a much
smaller amount.


We also discuss the possibilities of other states following suit,
the qualifications to be considered for this offer, and how both
stamp duty and land tax are calculated.


If you enjoy the show, do like, rate, subscribe, and share it
with others! We have loads of resources available and if you’d
like to chat, email us at support@homebuyeracademy.com.au!


We’ll see you on the inside! 


 


Episode Highlights: 
NSW government introduces land tax or stamp duty option
[04:20] What is the criteria to qualify?
[08:29] Stamp duty on three different price points
[12:23] Land value and tax: the investor option
[24:56] Stamp duty vs land tax
[30:03]  The difference between land
component and property improvements  [33:17]
Contesting land valuations [36:17]

 


Links from the Show: 


https://www.nsw.gov.au/initiative/first-home-buyer-choice


https://www.savings.com.au/news/faster-home-ownership-for-nsw-first-home-buyers#:~:text=Under%20the%20First%20Home%20Buyer,traditional%20upfront%20payment%20for%20properties.

https://fhbcalculator.service.nsw.gov.au/



 


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and share the show! There’s more to come, so we hope to have you
along with us on this journey!


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