The NSW Government has announced it will provide stamp duty relief for people who lost their homes during the bushfires and who choose to purchase a replacement home elsewhere rather than rebuild.
Minister John Barilaro and Treasurer Dominic Perrottet have announced that the NSW Government will provide stamp duty relief for people who lost their homes
during the bushfires and who choose to purchase a replacement home elsewhere rather than rebuild.
Barilaro and Perrottet, explained that the latest NSW Government assistance would enable people to get back on their feet and back into a new home faster.
“This is about ensuring people have the ability to buy a home to replace the one destroyed by fire and not have to worry about the substantial cost of stamp duty which
can be tens of thousands of dollars,” Barilaro said.
“While many people will want to rebuild their homes, there will be others who choose to buy in another location, and we want to ensure that can happen as quickly as
possible – this is a big bottom line boost for people during a challenging time.”
2448 homes were destroyed during the bushfires in NSW, with the Government-funded clean-up now well underway across the State. Under this relief people purchasing replacement homes will only begin paying stamp duty once the amount payable exceeds $55,000.
Perrottet said the stamp duty relief package would allow people much more flexibility and financial freedom as they made one of their most important decisions in the recovery process.
Information on how to apply for a refund and eligibility requirements will be available from Service NSW and Revenue NSW websites from March 10. Eligible people who
have already paid duty will be able to apply for a refund.
The NSW Government has also made available funding for tourism, school repairs, mental health, small businesses and on the ground assistance.