Giving home buyers the choice to axe stamp duties when they buy a property will provide a major incentive for new projects and spur buyers back into the market.
Holdmark agrees with the NSW Government that its latest Budget 2020/21 initiative will have an ongoing effect on the property market, for many years to come because it will reduce the cost of buying a home. This is the type of forward-thinking is what communities require if they are to emerge quickly from the COVID-19 recession and move into a phase of sustainable growth.
The boost was paired with a further lift in the payroll tax threshold to $1.2 million. It had been lifted to $1 million in May of 2020. The payroll tax rate has been reduced for two years from 1 July from 5.45 per cent to 4.85 per cent. Combined these cuts will give businesses a saving of an estimated $2.4 billion, which is an extremely useful fill-up for the industry. Every dollar helps to lift the property industry and support communities.