‘Pay As You Go’ stamp duty in NSW?

‘Pay As You Go’ stamp duty in NSW?

Posted on Wednesday, April 18 2012 at 3:54 PM

The New South Wales Government is reportedly considering a proposal to introduce a ‘Pay As You Go’ scheme for stamp duty, whereby homebuyers could stagger payments over a period of time.

In the lead up to the 2012-13 State Budget
in June, the Real Estate Institute of New South Wales (REINSW) made a number of
submissions to the government last week.

The notion of a payment plan for stamp duty
was among its detailed initiatives aimed at reducing cost burden, particularly
on first homebuyers.

REINSW president Christian Payne said
housing supply and affordability were key issues facing the state and needed to
be addressed in the Budget.

“It is only through innovation that we are
going to make inroads into these problems,” Payne said.

Sydney newspaper The Daily Telegraph today reported
the government was seriously considering the ‘Pay As You Go’ stamp duty idea.

Treasurer Mike Baird was quoted as saying
it was under “active consideration”.

Other initiatives included in REINSW’s submission
included cutting the rate of stamp duty and reforming planning controls to cut
red tape.

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