On 17 June 2014, the NSW GovernmentÂ announced the following changes to State taxes, grants and levies as part of the 2014 State Budget. These and other changes were introduced under theÂ State Revenue and Other Legislation Amendment (Budget measures) Bill 2014.
Abolition of Various Duties. From 1 July 2016, the following duties will be abolished:
- duty on the transfer of business assets; and
- mortgage duty.
New Home Grant.Â From 1 July 2014, the following amendments to the New Home Grant Scheme will apply:
- Applicants must be Australian citizens, Australian residents or Australian-owned bodies.
- Applicants are limited to onlyÂ one grant for each financial year.
- Applications no longer need to be made within 3 months.
First Home Owner Grant (New Homes).Â From 1 July 2014, the following amendments to the First Home Owner Grant (New Homes) Scheme will apply:
- The cap increases from $650,000 to $750,000.
For more information, visit theÂ Frequent QuestionsÂ page on the Office of State Revenue website.
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Director - Property Lawyer