NSW Government providing stamp duty relief for homes lost in bushfires

NSW Government providing stamp duty relief for homes lost in bushfires
NSW Government providing stamp duty relief for homes lost in bushfires

The NSW Government will provide stamp duty relief for people who lost their homes during the bushfires and who choose to purchase a replacement home elsewhere rather than rebuild.

People purchasing replacement homes will only begin paying stamp duty once the amount payable exceeds $55,000. Stamp duty will therefore be paid on homes with a value $1.3 million or higher.

Deputy Premier and Minister responsible for Disaster Recovery John Barilaro, and Treasurer Dominic Perrottet, said the latest NSW Government assistance would enable people to get back on their feet and back into a new home faster.

“This is about ensuring people have the ability to buy a home to replace the one destroyed by fire and not have to worry about the substantial cost of stamp duty which can be tens of thousands of dollars,” Mr Barilaro said.

Mr Barilaro said 2448 homes were destroyed during the bushfires, with the Government-funded clean-up now well underway across the State.

Treasurer Dominic Perrottet said the stamp duty relief package would allow people much more flexibility and financial freedom as they made one of their most important decisions in the recovery process.

Information on how to apply for a refund and eligibility requirements will be available from Service NSW and Revenue NSW websites from March 10. Eligible people who have already paid duty will be able to apply for a refund.

HIA applauded the NSW Government for this decision.

“The Housing industry Association (HIA) welcomes the NSW governments announcement it will provide stamp duty relief for those people who have been directly impacted by the tragic bushfires that have swept across the state”, Executive Director NSW HIA David Bare said.

Tags: 
Stamp Duty Bushfire Relief

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