Stamping out stamp duty?

Stamping out stamp duty?

Posted on Friday, November 21 2014 at 4:03 PM

It’s not quite being stamped out completely, but buying a home has just become a little bit cheaper for those in Canberra’s housing market.

duty has been reduced for all buyers of homes valued below $1.2 million due to
the ACT government’s tax reform package.

Stamp duty revenue will reduce over
time but in the short term it’s speculated the cuts will stimulate activity in
the housing market.

The breakdown

  • A family buying a $500,000 house will pay $2450 less in
    stamp duty, and $7040 less in four years’ time.
  • A family buying a $400,000 home saves $1700 in stamp
    duty, and $5540 in four years’ time.
  • A family buying a $300,000 home saves $950, and more than
    $4000 in four years’ time.

Deputy Chief Minister Andrew Barr says
the reformed tax is part of a stimulatory Budget aimed at keeping the economy

“With the cost of buying a house
falling because of this tax cut, more Canberrans will be able to afford a
home,” he says.

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