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NSW Property Update - June 2022: Land Tax; First Home Buyer Choice; Shared Equity Scheme

Wednesday 22 June 2022 / by Robyn Chamberlain posted in Property Land Tax Revenue NSW Property Tax First Home Buyers Shared Equity Scheme New South Wales

On 21 June the New South Wales (NSW) Treasurer, the Hon. Matt Kean MP, announced a range of property-related as part of the 2022-2023 State Budget on 21 June 2022.

These include:

NSW Land Tax
First Home Buyer Choice
Shared Equity Scheme

Click through for an overview of these new measures, and how they are likely to impact you.

Key Stamp Duty Changes for Grant of a Put Option and/or Call Option Have Commenced

Friday 27 May 2022 / by Robyn Chamberlain posted in Property Revenue NSW Duties Act 1997 Taxation Administration Act 1996 Electronic Duties Returns Call Option Put Option Beneficial Ownership

Revenue NSW has announced the following:

“From 19 May 2022, section 8(1)(b)(ix) of the Duties Act 1997 introduced duty on certain transactions that result in a change in beneficial ownership.

A put option and/or call option granted over dutiable property in NSW (such as over land or an interest in land) is a ‘change in beneficial ownership’. This means that duty is payable on any grant fee paid for a put and/or call option entered into from this date."

Click through to read more...