Mr KIELY - 2005-06-30
Home ownership for Territorians is a passion of the Martin government. Can the Treasurer advise how the government intends to reduce stamp duty by $1000 for people buying their own home, and when this election promise will take effect?
ANSWER
Madam Speaker, I thank the member for Sanderson for his question. This is good news, not just for the good burghers of the electorate of Sanderson, but for all Territorians. During the election, the Chief Minister promised to reduce the cost of stamp duty on residential conveyances by $1000 where people are buying their own home. This will be achieved in two ways: in the first case, by increasing the tax-free threshold to $225 000 for those buying their first home and, in the second case, increasing the principal place of residence rebate from $1500 to $2500. Therefore, for first home buyers it will mean the maximum rebate will increase to $8034, up from $6800.
We expect around 1400 Territorians will benefit from this reduction of more than $1000. That means first home buyers will pay no stamp duty at all on the average priced unit across the Territory, and considerably less, of course, on the purchase of their home. We expect around 1900 Territorians each year will benefit from that increase in the purchase of a principal place of residence rebate. Altogether, more than 3300 Territorians per year are benefiting from these changes.
We are also pleased to announce that these changes do take effect from Monday, 20 June 2005. It was intended that they should occur from 1 July 2005, however, on being returned to office at the election, it seemed fair to move to have them take effect as soon as possible after the election, and that was on the Monday after the election, so they take effect from Monday, 20 June 2005.
ANSWER
Madam Speaker, I thank the member for Sanderson for his question. This is good news, not just for the good burghers of the electorate of Sanderson, but for all Territorians. During the election, the Chief Minister promised to reduce the cost of stamp duty on residential conveyances by $1000 where people are buying their own home. This will be achieved in two ways: in the first case, by increasing the tax-free threshold to $225 000 for those buying their first home and, in the second case, increasing the principal place of residence rebate from $1500 to $2500. Therefore, for first home buyers it will mean the maximum rebate will increase to $8034, up from $6800.
We expect around 1400 Territorians will benefit from this reduction of more than $1000. That means first home buyers will pay no stamp duty at all on the average priced unit across the Territory, and considerably less, of course, on the purchase of their home. We expect around 1900 Territorians each year will benefit from that increase in the purchase of a principal place of residence rebate. Altogether, more than 3300 Territorians per year are benefiting from these changes.
We are also pleased to announce that these changes do take effect from Monday, 20 June 2005. It was intended that they should occur from 1 July 2005, however, on being returned to office at the election, it seemed fair to move to have them take effect as soon as possible after the election, and that was on the Monday after the election, so they take effect from Monday, 20 June 2005.
Last updated: 09 Aug 2016