Revenue NSW’s sophisticated compliance team is protecting the integrity of the Minns Labor Government’s first-home buyers program, to protect taxpayer funds and ensure support goes where it is needed.
Revenue NSW’s first-home buyers compliance team has recovered $9.44 million following highly targeted investigations to stop the small minority of applicants who unsuccessfully attempted to do the wrong thing.
In its first year, 33,365 first-home buyers in the expanded program have paid no stamp duty, or discounted stamp duty, when buying their first home.
The program’s expanded thresholds mean that first-home buyers purchasing for under $1 million pay either no, or discounted, stamp duty.
Under the program’s rules, a first-home buyer must move into the property within a year and live there continuously for a full year.
In 2023/24, 718 targeted investigations were launched, resulting in 422 individuals paying back some or all of their stamp duty discount. This represents fewer than 1.3% of all successful applications to the program.
Investigations into non-compliance are not randomly selected and only occur where Revenue NSW’s sophisticated data matching program makes an initial flag.
Data is absorbed from a diverse range of sources, including the NSW Government Rental Bonds Board, along with Commonwealth Government agencies, such as the Department of ³Ô¹ÏÍøÕ¾ Affairs and the Australian Taxation Office.
Some investigations also begin after a referral from tenants in properties. For example, this could happen after a tenant is asked to keep a utility bill in the owner’s name, raising their suspicions.
Those in Revenue NSW’s compliance team have decades of collective experience and come from a range of backgrounds from the public and private sector, specialising in support and investigations.
This demonstrates the program is effectively targeted to those who need cost-of-living relief, is well understood by buyers and has strong compliance measures in place.
The Minns Labor Government’s first-home buyers program replaced the previous Liberal-³Ô¹ÏÍøÕ¾ Government’s ‘forever tax’ on first-home buyers.
The higher thresholds implemented under the program allowed for more than 18,000 first home buyers across NSW to receive greater support than they would have under the previous government.
Quotes attributable to Minister for Finance Courtney Houssos:
“At a time of a cost-of-living crisis, the Minns Labor Government is committed to providing real relief to first-home buyers. This program is clearly working, helping more than 30,000 people into their first homes.
“Revenue NSW’s compliance team is working hard to make sure that only those eligible for the scheme are able to use it.
“We want as many people as possible to access the scheme – but they have to stick to the rules. It keeps the program fair and accessible for everyone.”
Quotes attributable to Chief Commissioner of State Revenue Scott Johnston:
“We’re very proud of our compliance team and the excellent work they do.
“Revenue NSW’s compliance programs are essential to maintaining the integrity of our programs.
“Our team works tirelessly to make sure the first-home buyers program is accessible to everyone who needs it, and that people who aren’t eligible don’t try to game the system.”
