Recently, New South Wales and Victoria released their State Budgets containing various measures to help the local economies recover following the COVID-19 pandemic.
We’ve reviewed the main tax proposals from each of the State Budgets to provide you with a breakdown of the main announcements across land tax, land transfer duty and payroll tax in each state.
The New South Wales Treasurer also raised the possibility of phasing out land transfer duty on properties by allowing taxpayers to choose whether they would prefer to pay stamp duty at the time of purchase of a property or only pay an annual property tax charge. There will be a period of public consultation in relation to the proposal until early 2021.
Only time will tell how successful these proposals will be but if you require any further information or assistance with your tax obligations, please contact the Crowe Tax Advisory team.