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26/01/2025

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31/12/2022

As we step into another year we would like to thank all of our clients and friends for a wonderful 2022. Have a beautiful year ahead!

08/07/2022

Let the blessings of Allah show us light on our way and line our path with empathy, goodwill and successes. Happy Eid-ul-Adha.

06/07/2022

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27/06/2022

First home buyer Property tax scheme (Choice between stamp duty or property tax)

To be eligible:
• you must be an individual (not a company or trust)
• you must be over 18 years old
• you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
• you or your spouse must not have previously:
o owned or co-owned residential property in Australia
o received a First Home Buyer Grant or duty concessions.
• The property you are buying must be worth less than or equal to $1.5 million
• You must move into the property within 12 months of purchase and live in it continuously for at least 6 months
• You must sign the contract of purchase on or after the scheme commencement date (see below for details).
Choice between stamp duty or property tax

If you are eligible, you can choose between (a) paying the usual amount of stamp duty based on the ‘dutiable value’ of your property; or (b) paying an annual property tax based on the unimproved land value of the property.
Existing first home buyer duty exemptions and concessions are not changing. The exemptions and concessions are described here. There are no first home buyer stamp duty concessions for properties worth more than $800,000.
If the first home buyer is not eligible for a duty exemption or concession, the normal rates of stamp duty apply.
The annual property tax payments will be based on the land value of the purchased property. The property tax rates for 2022-23 will be:
• $400 plus 0.3 per cent of land value for properties whose owners live in them
• $1,500 plus 1.1 per cent of land value for investment properties.
These tax rates will be indexed each year, so that the average property tax payment rises in line with average incomes.
Property tax assessments will be issued in respect of financial years. For properties that are owned for less than a full financial year, a pro rata adjustment will be made based on the number of days in the year the property is owned.
A property tax calculator will be available after the enactment of legislation and before 16 January 2023 when buyers can opt-in to property tax.
What happens when a property that is subject to the property tax is sold?

Only first home buyers are eligible to pay the property tax. All other purchasers must continue to pay stamp duty as normal.
If you are buying a property from somebody who is paying the property tax, you will not be subject to the property tax (unless you are also an eligible first home buyer and you choose to pay the property tax).
Scheme commencement

The Government intends that legislation to establish the property tax will be introduced into the NSW Parliament during the second half of 2022.
Eligible first home buyers who sign a contract of purchase on or after 16 January 2023 will be eligible to opt into the property tax and will not be required to pay stamp duty in order to complete their transaction.
Eligible first home buyers who sign a contract of purchase between the passage of the legislation and 15 January 2023 will be eligible to opt into the property tax. However, these purchasers will be required to pay any applicable stamp duty within the usual required periods and from 16 January 2023, will be able to apply for and receive a refund of that duty.
Information on how to apply for the property tax will be made available once the legislation is enacted.

21/06/2022

https://www.afr.com/politics/nsw-pulls-trigger-on-stamp-duty-overhaul-for-first-home-buyers-20220620-p5av5k

NSW first home buyers will have the choice of paying stamp duty or an annual land tax under a major reform by the Perrottet government designed to test a move away from transfer duties.

Dominic Perrottet has seized on his first budget as the state’s premier to pull the trigger on the potential legacy-making overhaul of property and housing taxes as he plots a course to a state election in March 2023.

The $730 million plan is at the centre of the NSW Budget to be presented by Treasurer Matt Kean on Tuesday which has already shown a focus on childcare, women’s workforce participation and housing affordability.

Under the new property tax plan, first home buyers will have the option of paying the upfront cost of stamp duty or a small, annual property tax payment of $400 plus 0.3 per cent of the land value of the property. It will be available on homes valued at less than $1.5 million.

Speaking ahead of the budget, Mr Perrottet said the initiative would remove one of the largest upfront costs first home buyers face buying homes at a time when they make up a declining share of market activity.

“We want to lower the barriers to owning a home for first home buyers seeking a place of their own,” Mr Perrottet said. “In the past two decades, the share of first home buyers under 35 years of age has declined from 67 per cent to 61 per cent.”

Mr Perrottet first flagged his desire to overhaul – and potentially phase out – stamp duty in late 2020 when he said he wanted debate of the once-in-a-generation reform to be the “BBQ stopper of summer.”

But he has faced a challenge in realising the reform due to the revenue implications of moving away from stamp duties, which have injected almost $1 billion into the NSW accounts every month for the past 13 consecutive months.

13/06/2022

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We’re here to guide and support you through this often stressful journey.

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02/05/2022

May Allah grant all of your wishes this Eid.

25/04/2022

Lest we forget.

16/04/2022

Warmest thoughts to you and your family on this holiday. Happy Easter!