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Parliamentary Questions

Question Without Notice No. 1246 asked in the Legislative Council on 24 October 2019 by Hon Simon O’Brien

Parliament: 40 Session: 1

Answered on

STATE ECONOMY — STAMP DUTY REBATE

1246. Hon SIMON O'BRIEN to the minister representing the Treasurer:

I refer to the government's policy of a substantial rebate or concession on stamp duty for off-the-plan apartment buyers.

What is the government's policy in relation to stamp duty for buyers of existing apartments, buyers of houses and seniors wishing to downsize their empty-nest home for another residence? Please note the purpose of this question is to discover the policy intentions of the current government, not the last government.

The PRESIDENT: I am not sure how you respond to that last part, Minister for Environment.

Hon STEPHEN DAWSON replied:

I thank the honourable member for some notice of the question. The following answer has been provided to me by the Treasurer.

The government provides generous stamp duty assistance to first home buyers of new and existing homes, including apartments, valued up to $530 000. This is on top of the $10 000 grant for first home buyers of new homes. The stamp duty exemption and concession thresholds were cut by $70 000 under the previous Liberal–National government, pulling $222 million out of the hands of first home buyers. It also removed the first home owner grant for established homes.

As announced yesterday, a stamp duty rebate of up to $50 000 is also available on purchases during the next two years of off-the-plan homes in a multi-tiered development. Seniors wishing to downsize will also benefit by being able to access this rebate. First home owners can also access the rebate above the first home buyer stamp duty exemption threshold. Purchasers of residential properties also benefit from a concessional transfer duty scale relative to the scale that applies to other properties.

Several members interjected.

The PRESIDENT: I was just enjoying the mirth from the back row. I give the call to Hon Ken Baston.