{"id":9285,"date":"2020-11-21T01:50:23","date_gmt":"2020-11-21T01:50:23","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=9285"},"modified":"2020-11-21T01:50:23","modified_gmt":"2020-11-21T01:50:23","slug":"historic-reform-could-make-australian-home-ownership-dream-a-reality","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2020\/11\/21\/historic-reform-could-make-australian-home-ownership-dream-a-reality\/","title":{"rendered":"HISTORIC REFORM COULD MAKE AUSTRALIAN HOME OWNERSHIP DREAM A REALITY"},"content":{"rendered":"<p>The 2020-21 NSW Budget could bring the great Australian dream of owning your own home one step closer to reality for thousands of people, with a public consultation process commencing to seek the community\u2019s view on tax reform to reduce the upfront costs for buyers.<br \/>\nThe community will be asked if they want the stamp duty system overhauled to allow buyers to opt out of stamp duty and instead choose a smaller annual property tax.<br \/>\nStamp duty is one of the biggest financial barriers to home ownership.<br \/>\nTreasurer Dominic Perrottet said the current stamp duty system was centuries old and in need of an overhaul to give NSW residents a modern tax system.<br \/>\n\u201cThis is the single most important economic reform we can tackle to turn the Australian dream into NSW\u2019s reality,\u201d Mr Perrottet said.<br \/>\n\u201cThis is a reform proposal for NSW where more people can own their home and have more freedom to choose the right property for their family at every stage of life.<br \/>\n\u201cThis is a vision for every person and family in NSW \u2013 from first home buyers trying to get a foot on the property ladder, to frontline workers moving to service our regional communities, and retirees who are ready to downsize.<br \/>\n\u201cThe NSW Government will work with people and communities to shape any reform over the coming months to ensure it is tailor-made for the current and future needs of our State.\u201d<br \/>\n<strong>The consultation process will kickstart with a proposed model that would:<\/strong><\/p>\n<ul>\n<li>Give people purchasing a property the choice between paying stamp duty upfront or opting for the smaller annual property tax;<\/li>\n<li>Enable people who opt-in to the system to also eliminate any land tax liability;<\/li>\n<li>Ensure that the current property owners who are not buying or selling are not affected;<\/li>\n<li>Replace the current stamp duty concessions provided to first home buyers with a new grant; and<\/li>\n<li>The proposed model includes a property tax rate that would support and incentivise home ownership with a lower rate for owner-occupiers and higher rates for investors and commercial properties.<\/li>\n<\/ul>\n<p>Mr Perrottet said the model proposed could bring tens of thousands of dollars of relief to the average home buyer and turbocharge economic growth.<br \/>\n\u201cThis model may inject more than $11 billion into the NSW economy in the first four years and boost NSW Gross State Product by 1.7 per cent over the long term,\u201d Mr Perrottet said.<br \/>\n\u201cReform of the inefficient stamp duty system could also create and support thousands of jobs to boost the economy and kick-start our recovery for a prosperous, post-pandemic NSW.\u201d<br \/>\nThe reform could be set in motion in the second half of 2021 after seeking community feedback over the coming months.<br \/>\nTo find out more and have your say on the proposed model, visit:\u00a0<a href=\"http:\/\/treasury.nsw.gov.au\/budget-financial-management\/reform\/nsw-property-tax-proposal\">treasury.nsw.gov.au\/property-tax-proposal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2020-21 NSW Budget could bring the great Australian dream of owning your own home one step closer to reality for thousands of people, with a public consultation process commencing to seek the community\u2019s view on tax reform to reduce the upfront costs for buyers. The community will be asked if they want the stamp &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2020\/11\/21\/historic-reform-could-make-australian-home-ownership-dream-a-reality\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;HISTORIC REFORM COULD MAKE AUSTRALIAN HOME OWNERSHIP DREAM A REALITY&#8221;<\/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-9285","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\/9285","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=9285"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/9285\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=9285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=9285"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=9285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}