Sydney November 18, 2020 — Giving home buyers the choice today to axe stamp duties when they buy a property will provide a major incentive for new projects and spur buyers back into the market, Holdmark’s Founder and CEO Mr Sarkis Nassif said today.
“I agree with the NSW Government that its latest Budget initiative will have an ongoing effect on the market, for many years to come because it will reduce the cost of buying a home.
“This is the type of forward thinking that our communities require if they are to emerge quickly from the COVID recession and move into a phase of sustainable growth”, he said
The boost was paired today with a further lift in the payroll tax threshold to $1.2 million. It had been lifted to $1 million in May of this year. The payroll tax rate has been reduced for two years from 1 July from 5.45 per cent to 4.85 per cent.
“Combined these cuts will give businesses a saving of an estimated $2.4 billion, which is an extremely useful fill-up for the industry. Every dollar helps to lift our industry and support our communities”, Mr Nassif said today.
