While it’s hard not to be a little sceptical I do remain ever hopeful that announcements will become actions in terms of the news out of the NSW Budget this week on proposed reforms to Stamp Duty. I’d like to think now is the time…
It’s a big deal. Stamp duty represents big money so the implications of any change will be significant which is actually the reason why I’m not yet prepared to dance with delight at the announcement.
The thing is the devil is always in the detail and over all my years in real estate I’ve learnt that when it comes to Stamp Duty, and most other legislative and financial changes, that detail can slowly dissolve the determination to get things done.
But this time I think it might happen.
There appears to be widespread support for the proposal as outlined so far, which is great news. Nice to start off with some positivity rather than launching straight into controversy. Again, that bodes well for the potential for a successful outcome.
The thing is, as great as it would be to have no tax at all that was never going to happen. The revenue raised by a tax on property is too vital to the overall State budget, but overall, the option to choose either Stamp Duty upfront or a yearly Property Tax appears to be a healthier compromise.
There is also a consultation process which is important and as a Director of the REI NSW I’m looking forward to the opportunity to work with the Government, the Opposition and the cross bench to help ensure the interests of our clients are kept in firm focus as those discussions unfold.
Readers of this blog will know that I like to have my two cents worth and when the topic is stamp duty the value of constructive, healthy dialogue is worth a lot more than two cents.
I’ll let you know how it goes.