Opinion
Perrottet's property charge is the 'Afterpay' of tax reform
While avoiding upfront duty may be attractive for investors, there are many significant unresolved issues with NSW's proposed property tax.
Matthew CridlandContributorBuy now, pay later.
That is the simple pitch that NSW Treasurer Dominic Perrottet is making to real estate buyers in an effort to phase out stamp duty on land transfers. If the proposals are adopted, buyers will have the choice to pay a large upfront duty or opt-in and pay a smaller annual property tax. However, unlike Afterpay’s fixed instalments, the annual property tax will increase over time, continue forever and be subject to change by future governments.
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