Proposed NSW Stamp Duty Changes
What is the NSW Property Tax Proposal?
The NSW government has proposed a significant change to stamp duty (external website) and published a consultation paper in November 2020. This proposal would allow some home buyers to choose between paying stamp duty and land tax upfront (as is currently the case) and instead paying a new smaller annual property tax. Treasury believes that this will make it easier for first home buyers to purchase a property and also reduce the impact of stamp duty on mobilty, potentially freeing up some housing capacity.
Why is LIXI Interested?
LIXI will not play a role in determining or advocating for any particular policy, as this is outside of the objectives defined in our constitution. If these changes go ahead there will be changes or additions required to the standards to support the additional data requirements. As a result, some members have asked us to begin considering the impact.
What feedback are we after?
We are now evaluating the impact of the likely changes to the LIXI standards, and a new ticket has been created in LIXILab to discuss this.
It is expected that additional data will be required in areas such as the Needs Analysis, Property Details, Loan Details, and Ongoing Expenses. These are detailed in the LIXILab ticket and we are now seeking our members' input to determine the impact in these areas and if any additional areas are impacted.
Any employees of member organisations can register for a LIXILab account and contribute any comments or suggestions directly on the ticket. Please add a comment if you think there are other areas of impact or if the existing analysis is incorrect or unclear in any way.
If you don't have a LIXILab account or would prefer not to create one, feel free to add your comment using the form below.
Shane Rigby, LIXI Limited CEO
First Published: May 12, 2021