Revenue NSW\u2019s sophisticated compliance team is protecting the integrity of the Minns Labor Government\u2019s first-home buyers program, to protect taxpayer funds and ensure support goes where it is needed.<\/p>\n\n\n\n
Revenue NSW\u2019s first-home buyers compliance team has recovered $9.44 million following highly targeted investigations to stop the small minority of applicants who unsuccessfully attempted to do the wrong thing.<\/p>\n\n\n\n
In its first year, 33,365 first-home buyers in the expanded program have paid no stamp duty, or discounted stamp duty, when buying their first home.<\/p>\n\n\n\n
The program\u2019s expanded thresholds mean that first-home buyers purchasing for under $1 million pay either no, or discounted, stamp duty.<\/p>\n\n\n\n
Under the program\u2019s rules, a first-home buyer must move into the property within a year and live there continuously for a full year.<\/p>\n\n\n\n
In 2023\/24, 718 targeted investigations were launched, resulting in 422 individuals paying back some or all of their stamp duty discount. This represents fewer than 1.3% of all successful applications to the program.<\/p>\n\n\n\n
Investigations into non-compliance are not randomly selected and only occur where Revenue NSW\u2019s sophisticated data matching program makes an initial flag.<\/p>\n\n\n\n
Data is absorbed from a diverse range of sources, including the NSW Government Rental Bonds Board, along with Commonwealth Government agencies, such as the Department of Home Affairs and the Australian Taxation Office.<\/p>\n\n\n\n
Some investigations also begin after a referral from tenants in properties. For example, this could happen after a tenant is asked to keep a utility bill in the owner\u2019s name, raising their suspicions.<\/p>\n\n\n\n
Those in Revenue NSW\u2019s compliance team have decades of collective experience and come from a range of backgrounds from the public and private sector, specialising in support and investigations.<\/p>\n\n\n\n
This demonstrates the program is effectively targeted to those who need cost-of-living relief, is well understood by buyers and has strong compliance measures in place.<\/p>\n\n\n\n
The Minns Labor Government\u2019s first-home buyers program replaced the previous Liberal-National Government\u2019s \u2018forever tax\u2019 on first-home buyers.<\/p>\n\n\n\n
The higher thresholds implemented under the program allowed for more than 18,000 first home buyers across NSW to receive greater support than they would have under the previous government.<\/p>\n\n\n\n
Minister for Finance Courtney Houssos:<\/strong><\/p>\n\n\n\n \u201cAt a time of a cost-of-living crisis, the Minns Labor Government is committed to providing real relief to first-home buyers. This program is clearly working, helping more than 30,000 people into their first homes.<\/p>\n\n\n\n \u201cRevenue NSW\u2019s compliance team is working hard to make sure that only those eligible for the scheme are able to use it.<\/p>\n\n\n\n \u201cWe want as many people as possible to access the scheme \u2013 but they have to stick to the rules. It keeps the program fair and accessible for everyone.\u201d<\/p>\n\n\n\n Chief Commissioner of State Revenue Scott Johnston:<\/strong><\/p>\n\n\n\n \u201cWe\u2019re very proud of our compliance team and the excellent work they do.<\/p>\n\n\n\n \u201cRevenue NSW\u2019s compliance programs are essential to maintaining the integrity of our programs.<\/p>\n\n\n\n \u201cOur team works tirelessly to make sure the first-home buyers program is accessible to everyone who needs it, and that people who aren\u2019t eligible don\u2019t try to game the system.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Revenue NSW\u2019s sophisticated compliance team is protecting the integrity of the Minns Labor Government\u2019s first-home buyers program, to protect taxpayer funds and ensure support goes where it is needed. Revenue NSW\u2019s first-home buyers compliance team has recovered $9.44 million following highly targeted investigations to stop the small minority of applicants who unsuccessfully attempted to do … Continue reading “More than $9 million recovered in crackdown on first-home buyers program non-compliance”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28770","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=28770"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28770\/revisions"}],"predecessor-version":[{"id":28771,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28770\/revisions\/28771"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=28770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=28770"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=28770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}