Most First Home Buyers will soon choose between paying stamp duty or an annual property tax.
New law will be enacted that will allow eligible First Home Buyers of properties purchased for up to $1.5 million to choose between paying stamp (transfer) duty upfront or opting to pay an annual property tax based on the land value.
You can compare the estimated property tax (for the first year) and transfer (stamp) duty by using the recently launched First Home Buyer Choice Calculator. Click link here for access.
Authors: Sarah Cappello (Partner) and Marissa Kinred (Licensed Conveyancer)
