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NSW Budget 2007 - some good new for property investors

Discussion in 'Real Estate' started by Nigel Ward, 20th Jun, 2007.

  1. Nigel Ward

    Nigel Ward Team InvestEd

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    Source : http://www.treasury.nsw.gov.au/bp07-08/budsum/pdf/budsum.pdf
     
  2. Smartypants

    Smartypants Well-Known Member

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    Now if only they would start talking about scrapping capital gains tax :rolleyes:
     
  3. perky

    perky Well-Known Member

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    I laughed when I heard that - .1% lower.
    Whoopeeeeeeeeeeeeeeee.

    I dont think this is what John Edwards was asking for at the Property Expo to help boost this states property undersupply - and what is needed to fix it.
     
  4. MattR

    MattR Well-Known Member

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    But as per the Press speal that .1% equates to an 5.88% reduction in land tax rates!!!!!!

    Either way its a joke ~~ NSW government does not have a clue when it comes to property and the effect the taxes they levy have on investors.
     
  5. Jacque

    Jacque Team InvestEd

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    I'm with Perky on this one-the drop from 1.7 to 1.6% is hardly noticeable and will probably cost more in paperwork to legislate.

    If they're serious about encouraging investors and home buyers back into the market, take a look at reducing stamp duty and offering bigger cuts to this with land tax.
    We all knew mortgage stamp duty was going, but it's still a year away for investors.
     
  6. myarhidia

    myarhidia Member

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    Excuse my ignorance but how does that equate?
     
  7. Glebe

    Glebe Well-Known Member

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    0.1 / 1.7 = 5.88%

    or

    (1.7-1.6) / 1.7 = 5.88%
     
  8. Glebe

    Glebe Well-Known Member

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    I would like to think that over the coming years the NSW govt continually chip away at land tax and stamp duty costs.

    The Federal government got laughed at a few years ago for the 'hamburger' tax cuts, but they've continually chipped away at the tax rates, year after year. So I hope the NSW is following that, with the current cuts not a one-off.

    I do feel for them for a certain degree, they have high expenses, largely as a result of public servants. Improving public service labour productivity has been hard for all previous Labor/Liberal governments, as the 9-5 mentality, unionism culture is very ingrained.
     
  9. myarhidia

    myarhidia Member

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    got it, now it makes sense, marketing BS, in the end, it's still only .1% less than what it used to be.
     
  10. Glebe

    Glebe Well-Known Member

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    It's hardly marketing BS. A 5% cut is a 5% cut.