logologo_light
  • HOME
  • FOR SALE
    • ALL CURRENT LISTINGS
    • 7/103 Birriga Road, Bellevue Hill
    • 102/58 Newcastle Street, Rose Bay
  • SOLD
  • GOLDBROS
    • THE TEAM
    • REAL ESTATE CAREERS
  • NEWS
  • SOTHEBY’S
    • UPPER NORTH SHORE TEAM
    • SYDNEY SOTHEBY’S REALTY
  • CONTACT
  • HOME
  • FOR SALE
    • ALL CURRENT LISTINGS
    • 7/103 Birriga Road, Bellevue Hill
    • 102/58 Newcastle Street, Rose Bay
  • SOLD
  • GOLDBROS
    • THE TEAM
    • REAL ESTATE CAREERS
  • NEWS
  • SOTHEBY’S
    • UPPER NORTH SHORE TEAM
    • SYDNEY SOTHEBY’S REALTY
  • CONTACT

Freedom to move. Stamp duty reforms gain momentum

‘Stamp Duty’ two of the most dreaded words in the world of property and finance. Fortunately, NSW and Victoria have unveiled some big changes to the inefficient tax this week, and there’s hope it’ll inspire other states to review their own stamp duty arrangements.

Our good friends at LogiX Financial Services explain how it’s going to work and the effects it will have on encouraging home owner to move.

If you’re unfamiliar with stamp duty, it’s basically a state/territory government tax you pay on certain transactions, such as a car or piece of real estate. How much it costs depends on what state you’re buying in, the value of the property you’re buying, and whether you’re eligible for a first home buyer concession. The problem is that it’s often regarded as an inefficient tax because it requires a large upfront sum (usually tens of thousands of dollars) from home buyers and therefore disincentivises people from buying and selling property.

It particularly tends to restrict young families who want to upgrade from their first home, and downsizers who want to move into a smaller place.

Why does Stamp Duty still exist?

State governments have been slow to overhaul the current system because it’s their biggest source of revenue.

In fact, Stamp Duty raises about $21 billion a year, including $7.5 billion for NSW and $6 billion for Victoria.

However, with the economy in need of a rebound due to COVID-19, the state governments of NSW and Victoria have made some big stamp duty announcements in their 2020/21 budgets.

NSW has flagged a complete overhaul of the system with a shift towards a property tax, while Victoria has announced short term discounts.

“Reform of the inefficient stamp duty system could create and support thousands of jobs to boost the economy and kick-start our recovery for a prosperous, post-pandemic NSW,” explained NSW Treasurer Dominic Perrottet during the announcement.

And make no mistake: this isn’t just good news for NSW and Victoria. As the two most populated states in Australia, a move in these property markets may put pressure on other state governments to follow suit sooner rather than later. Below we’ll outline the announcements in NSW and Victoria, as well as the current state of play around the nation.

New South Wales

The NSW state government will open for public consultation a property tax model that it says will make homeownership more achievable. NSW Treasury says stamp duty adds $34,000 to the upfront cost of buying the average home, and takes an average 2.5 years to save (compared to one year in 1990). The consultation will begin with a proposed model that would include giving property purchasers the choice between paying stamp duty upfront or opting to pay an annual property tax.

Victoria

The Victorian government announced it will be waiving 50% of stamp duty on newly-built and off-the-plan homes valued below $1 million. Existing homes will also be eligible for a 25% stamp duty discount. The discounts will apply to contracts signed on or after 25 November 2020 and before 1 July 2021.

Elsewhere around the country

The ACT has already started phasing out stamp duty and replacing it with a land tax as part of its 20-year tax reform program. And in Queensland, the Property Council of Australia says it’s time to review property taxes following NSW’s bold move. Queensland Treasurer Cameron Dick, however, has ruled out announcing a similar scheme ahead of this year’s state budget on December 1.In the meantime, most states are offering concessions and exemptions for first home buyers, and some may even follow Victoria’s broader discount waiver over the short term.

What to find out more? Get in touch with LogiX

If you’re interested in further exploring some of the stamp duty exemptions, concessions, waivers or discounts, please don’t hesitate to reach out to Logix Financial Services.

Obviously, the less stamp duty you pay, the more of your money you can put towards a home loan deposit. So for a hand figuring it all out, get in touch with them, they’d be happy to help you crunch the numbers.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent from LogiX Financial Services.

 

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Related

  • Posted by LogiX Financial
  • On December 5, 2020
  • 0 Comment
  • 0 likes
Tags: LogiX Financial Services, Property Finance, Stamp Duty
Recent
  • Getting out & about on Sydney Harbour
  • Prestige sale in the heart of Double Bay
  • Glebe House, an Exploration of Volume, Form & Light
  • Freedom to move. Stamp duty reforms gain momentum
  • Sydney Design – ‘GB House’ by Renato D’Ettorre Architects
Categories
  • Architecture
  • Finance
  • Goldman Brothers
  • Kids Giving Back
  • Latest News
  • Lifestyle
  • LogiX Financial Services
  • Market Report
  • Property Auctions
  • Property Finance
  • Property Investment
  • Property Market
  • Residential Sales
  • Sotheby's
  • Sotheby's International Realty
POPULAR POSTS
  • Getting out & about on Sydney HarbourDecember 22, 2020
  • Negative GearingDecember 1, 2016
  • Passion, Drive, PersistenceDecember 12, 2016
  • Sold! 5 Properties in 6 WeeksDecember 12, 2016
  • 2017 Lending UpdateFebruary 3, 2017

Sold! 5 Properties in 6 Weeks

Previous thumb

Sotheby's International Realty Video

Next thumb
Scroll
THE GOLDMAN BROTHERS

Located in Double Bay, in the heart of Sydney’s Eastern Suburbs, The Goldman Brothers is a Sydney Sotheby’s International Realty team.

Part of a global network, Sydney Sotheby’s International Realty Brings the World to Your Door.

CONNECT
INSTAGRAM @thegoldmanbrothers
The Goldman Brothers Team is having a wonderful en The Goldman Brothers Team is having a wonderful end to the year, selling two residences on Friday alone. Barry and Mark negotiated the sale of a stunning home at 2/7 Marathon Mews, Double Bay just one day after listing the property. An incredible result for all involved. They also sold an immaculately presented family home at 2/103A Birriga Road in Bellevue Hill prior to the scheduled auction. For further info click on the link in our bio.
-
-
-
#sold #soldoffmarket #offmarket #soldpriortoauction #doublebay #bellevuehill #luxuryapartment #penthouse #luxuryhomes #sydneyeast #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #vaucluse #realestatesydney #luxurylisting  #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #sothebysrealty
Described by practice director Tony Chenchow as “an exploration of volume, form and light,” Glebe House in Sydney reflects the architects’ resolute commitment to expanding the sculptural potential of architecture. 
-
Awarded a Jury Citation for Residential Architecture (New Houses) in the recent 2020 National Architecture Awards, Glebe House by Chenchow Little is a new take on traditional timber-lined bungalows and includes majestic upturned-arch windows that draws light into the sculptural white interiors spaces.
-
Image - Richard Bennets
-
#glebehouse #architectureawards #Architecture #Residential #Houses #Interiors #interiordesign #AustralianArchitecture #AustralianDesign #AustralianHomes #glebe #chenchowlittle #SydneyArchitect #SydneyInteriorDesign #luxuryhomes #sydneyeast #realestate #millionairedollarlisting #property #sydneysothebys #goldbros #sydney #sydneyproperty #houses @chenchowlittle
As part of our series on award winning local archi As part of our series on award winning local architecture and design, this week we focus our attention on 'GB House' by Sydney based architect Renato D'Ettorre. This magnificent house in Gordons Bay has won multiple awards including the coveted 2019 Wilkinson Award - The most significant residential architecture prize awarded in the state of NSW.
-
About GB House - Positioned in a magical site above Gordons Bay, this house embodies the spirit of seaside living – endless ocean, rocky headland and the ideal north-east aspect.  The design is discreet in scale, has a quiet focus and layered materiality, and is sensitive to both site and neighbours providing mystery and privacy along one of Sydney’s busiest coastlines.
-
To view this stunning architectural marvel click on the link in our bio.
-
Image curtesy of @renatodettorrearchitects 
-
#GBHouse #WilkinsonAward #Architecture #Residential #Houses #Interiors #interiordesign #AustralianArchitecture #AustralianDesign #AustralianHomes #Beach #ocean #CoastalLiving #SydneyArchitect #SydneyInteriorDesign
#oceanviews #gordonsbay #luxuryhouses #luxuryhomes #sydneyeast #realestate #millionairedollarlisting #property #travel #sydneysothebys #goldbros #sydney #sydneyrealestate @sydneysothebysrealty @barryigoldman @markgoldman1
Sold Dover Heights. With several high-profile sale Sold Dover Heights. With several high-profile sales, including the pre-auction purchase of this magnificent family home in Dover Heights last week, November is proving to be a great month for Goldman Brothers Team. Deny Bernardo and Barry Goldman did a great job marketing this exceptional residence and together they negotiated a sale price that exceeded vendor expectation.
-
Click on the link in our bio for further information.
-
#doverheights #luxuryhouses #luxuryhomes #sydneyeast #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #vaucluse #realestatesydney #luxurylisting  #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys
Sold ‘off-market’ in 3 days. No advertising, m Sold ‘off-market’ in 3 days. No advertising, marketing or sales campaign. Just what we do best...matching buyers to properties and negotiating the sale.
-
Click on the link in our bio for further info. 
-
#doverheights #luxuryhouses #luxuryhomes #sydneyeast #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #vaucluse #realestatesydney #luxurylisting  #offmarketsale #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys
The Design Files + Laminex Design Awards 2020 were The Design Files + Laminex Design Awards 2020 were announced last week, with some stand-out local projects amongst the awards. 
*
This is the winner of the Residential Architecture award; Bismarck House at Bondi Beach by Andrew Burges Architects. 
*
Click on the link in my Bio to see this and all other winning projects. 
*
Photography by Peter Bennetts & Prue Ruscoe
*
#luxuryhouses #beachhouse #bondibeach #bondi #beach #luxuryhomes #realestate #realestateagent #property #travel #realestateagency #realestatesydney #luxurylisting #propertydevelopment #sothebys #sydneysothebys #goldbros #sydneyrealestate #interiordesign #architecture #designawards #architectureawards
One of Bondi's best Penthouses, 701 at the Boheme, One of Bondi's best Penthouses, 701 at the Boheme, Bondi Beach has just been sold 'off-market' by Barry and the Goldman Brothers team at Sydney Sotheby's International Realty. With privacy paramount, the sale of this spectacular beachside residence was conducted in confidence, with the purchaser brought into the negotiations via our expansive network of industry contacts. Whilst the details of this sale are confidential, we are more than happy to discuss our various sales and marketing strategies with you, including 'off-market’ campaigns. 
-
Click on the link in our bio for further information.
-
-
-
-
#luxuryapartment #penthouse #bondibeach #bondi #beach #luxuryhomes #realestate #realestateagent #millionairedollarlisting #property #travel #propertyinvestor #realestateagency #realestatesydney #luxurylisting  #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys
There's nothing better than getting feedback for a There's nothing better than getting feedback for a job well done. We're so glad that both clients (vendor and buyer) were happy with the outcome of this sale. For more client testimonials check out the link in our bio.

-
-
-
-

#testimonial #ratemyagent #barrygoldman #luxuryhomes #privatesale #doublebay #bellevuehill  #doverheights #bondi #realestate #realestateagent #millionairedollarlisting #property #propertyinvestor #realestateagency #realestatesydney #luxurylisting #propertydevelopment #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture
We've just listed this beautiful 3 Bed 2 Bath 2 Ca We've just listed this beautiful 3 Bed 2 Bath 2 Car apartment in Bellevue Hill. Immaculately presented, this family home has been stylishly redesigned throughout and comes with an on-title garden, large covered balcony, new kitchen and new bathrooms. Click on the link in our bio for further info.
-
-
-
#familyhome #apartment #bellevuehill #luxuryhome #realestate #realestateagent #sydneyeastersuburbs #property #propertyinvestment #realestateagency #realestateexpert #realestatesydney #luxurylisting #bondibeach #rosebay #sothebys #sydneysothebys #goldbros #sydney #sydneyrealestate #interiordesign #architecture @sydneysothebys @markgoldman1 @barryigoldman
And sold! This stunning penthouse at 43/16 Neild A And sold! This stunning penthouse at 43/16 Neild Ave sold at auction (on-site) earlier today. A great result for all parties.
Follow on Instagram
CONTACT US

Barry Goldman – 0418 890 210
Mark Goldman – 0411 193 299

Tel: 02 8355 6783
Fax: 02 9362 1930

Sydney Sotheby’s
International Realty

Level 3, 45-51 Cross Street
Double Bay NSW 2028

Copyright 2020 - The Goldman Brothers - Admin Login | Site by AMC Creative