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Home buyers winners in South Australia budget

Home buyers winners in South Australia budget
Staff ReporterDecember 7, 2020

Prospective house buyers were one of the winners in the South Australian budget for 2019 announced on Tuesday.

The State Government will create a $104.5 million housing stimulus package to support construction and low-income earners.

The package includes an interest-free deposit gap loan of up to $10,000, funded via an Affordable Housing Fund of $2 million.

The fund is to be administered by HomeStart and will be available from September 1 for two years.

The package also includes $21.4 million for the South Australia Housing Authority to undertake a housing construction program in 2019-20 and 2020-21 to build about 90 homes.

The government will also remove a tax loophole that currently allows investors with multiple properties to pay little or no land tax.

The change, to come in to effect in July 2020, is expected to yield around $40 million a year.
 
The government will levy tax according to an owner's interest in every piece of land rather than the properties held within the same ownership structure, such as a company or family trust.
 
Treasurer Rob Lucas says the loophole wasn't fair on others.
"This measure is aimed squarely at closing a loophole that may encourage some landowners to form complex ownership structures designed purely to avoid paying tax," Lucas said.
 
"We don't think that's fair and we will be introducing a model that works well interstate."
 
 
 
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