02 9683 5999The new O’Farrell government delivered its first NSW state budget in September 2011. While the state budget is usually focussed on how the government will spend its money, there are a few notable changes to its revenue base as follows:
- The stamp duty exemption for first home buyers of existing residential property will be removed from 1 January 2012. Under the new scheme, first home buyers of a new residential home under $500,000 will still have a full stamp duty exemption or a partial exemption if the property is under $600,000. The full or partial exemptions will also apply to off-the plan purchases under $600,000 or vacant land intended for the construction of a new home under $450,000
- Payroll tax rebates of up to $4,000 will be available from 1 January 2012 for businesses who employ new employees with a disability who have completed the Transition to Work program. The new employee is required to work at least 12 hours a week and the rebate will be paid in two instalments of $2,000 at the 3 and 6 month anniversaries of their employment commencement.
- Safe drivers are being rewarded by the state government by halving licence renewal fees from 1 July 2012. If you have not lost any demerit points for the last five years and hold an unrestricted licence, then you will be eligible for the discount.
