New South Wales Treasurer Dominic Perrottet has handed down his first budget. Take a look at who gets what and who misses out.
- · Housing affordability - the following measures were announced to improve housing affordability:
· Insurance duty - small businesses with aggregate turnover less than $2m will be exempt from insurance duty on their premiums for commercial vehicle insurance, professional indemnity insurance, and product and public liability insurance from 1 January 2018, and insurance duty on crop and livestock insurance will be abolished from 1 January 2018.
- - first home buyers will be exempt from transfer duty on new or existing properties valued up to $650,000, with discounts for values up to $800,000, from 1 July 2017- the First Home Owner Grant will continue to be available for buyers of new homes valued up to $600,000, and for those building their first home valued at up to $750,000, but will not longer be available for other buyers from 1 July 2017- insurance duty on lenders mortgage insurance will be abolished, from 1 July 2017- the foreign investor transfer duty surcharge will increase to 8% (from 4%) and the land tax surcharge will increase to 2% (from 0.75%), from the 2018 land tax year- to avoid placing foreign-owned residential property developers at a competitive disadvantage due to the application of the foreign investor surcharges, Australian-based foreign-owned residential property developers will be granted a refund of surcharges paid provided that the developed properties are sold within five years, with the new arrangements backdated to apply from the commencement of the surcharges, and- the existing concession allowing a delay of payment of duty of up to 12 months for residential off-the-plan purchases will be restricted to be available to owner occupiers only.
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