the new state government will launch a stamp duty relief program from august 1 to help relieve stress and support economic activities during the new crown pneumonia epidemic.
According to a number of media reports, the new state government will temporarily cancel the stamp duty on first-time home buyers to buy new homes below 800000 yuan, while the purchase of new homes above 800000 yuan to less than 1 million yuan will also be reduced stamp duty.
The governor, Gladys Berejiklian, said the change would benefit buyers and builders, boost house construction and support employment.
And she said the state government expects more than 6000 first-time home buyers to benefit from the savings of tens of thousands of yuan in stamp duty.
"Thousands will see their bank account deposits benefit from this change, which will allow more people to get new keys to move into new homes. "
"And it will promote house construction in the new states and support jobs in the construction industry, which we need more than ever. "
According to these changes, the starting point for stamp duty on first-time buyers to buy new homes will be increased from the current 650,000 yuan to 800,000 yuan, while the reduction of stamp duty on the purchase of new homes above 800,000 yuan will gradually decrease until 1 million yuan. Purchase of more than 1 million yuan new housing will not enjoy stamp duty relief. The threshold of stamp duty reduction for the purchase of vacant land will also be raised from 350,000 yuan to 400,000 yuan, while the amount of stamp duty for the purchase of vacant land between 400,000 yuan and 500,000 yuan will gradually decrease. Purchase of more than 500,000 yuan vacant homestead can no longer enjoy stamp duty relief.
The change threshold applies only to new house and vacant land, not to existing house, and will last 12 months from August 1.
New State government will continue to grant a first-time home purchase allowance of $10,000 to first-time home buyers who purchase new homes under $600,000, and the first-time home buyers who purchase land will build new house, with a value not exceeding $750,000.
This means that first-time home buyers can purchase new homes with tax benefits and allowances combined up to $32,335.
Mr Perot (Dominic Perrottet), the finance director, had previously said he hoped to remove the stamp duty as part of economic recovery efforts.
The unemployment rate in the new state rose to 6.9% in June, while the national unemployment rate rose to its highest in 20 years.
