26.08.07
"Stamp Duty on Leases to be Abolished"
As of 1 January 2008 stamp duty on Leases has been abolished by the NSW state government. Stamp duty is currently payable on the "total cost" of a Lease. The ìtotal costî includes the total of the rental payments for the initial period of the Lease together with the total estimated cost of all outgoings payable by the Lessee. Planning should therefore be adopted by a prospective Lessee as significant financial savings will result from entering into a lengthy or high cost lease if the Lease is entered into and commences after 1 January 2008.

31.03.06
Land Tax Threshold Increased!
The land tax threshold after being reintroduced for the 2006 year has now been increased to $352,000.00. This means that should you own an investment property for which the land component is valued by the valuer-general at $352,000.00 or less then you will not be liable to pay land tax. If your investment property is valued at greater than the threshold figure then you will be liable at the rate of 1.7% on the excess amount (plus $100). A property with a land value of $452,000.00 will therefore be liable for $1800.00 of land tax.

12.09.05
Land Tax Changes for 2006
For the 2006 calendar year, the land tax system will see the re-introduction of the land tax threshold which will be set at $330,000.00. This means that if as of midnight on 31 December 2005 you own an investment property which has an unimproved land value of greater than $330,000.00 then land tax will be payable on the amount which exceeds $330,000.00 at the rate of 1.7% plus $100.00. Unfortunately all investment properties held at midnight on 31/12/04 will still be subject to land tax for the 2005 year even if they have an unimproved land value of less than $330,000.00. This is because there is no land tax threshold which applies to the 2005 calendar year. An owner of a property with a land value of $200,000.00 (for example) will be liable to pay $800.00 in land tax for the 2005 calendar year only.

 02.08.05
Vendor Duty Abolished!
The NSW Government has today abolished the 2.25% vendor duty for all contracts which are exchanged from today onwards. This is generally very welcome news. It is particularly good news for property investors (as opposed to owner occupiers) and property developers as the vendor duty tax was an impediment to investors and developers freely engaging in the buying and selling of investment properties in NSW.

01.08.05
Changes to Stamp Duty on refinancing of mortgages
As of 1 st August 2005 the stamp duty exemption on the refinancing of loans/mortgages will be capped such that it only applies on refinances of up to $1Million Dollars.

01.07.05
Retail Leases Act amended.
As of 1 st July 2005, the Retail Leases Act has been amended such that a Landlord is no longer permitted to charge a tenant for the legal costs associated with the preparation of a Lease. The Landlord is however able to charge the tenant for its legal costs incurred in amending the lease in response to amendments sought by the Tenant or the Tenants solicitor.