Territory Stories

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Details:

Title

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Other title

Tabled paper 1293

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2008-05-06

Description

Tabled By Delia Lawrie

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/283912

Citation address

https://hdl.handle.net/10070/410393

Page content

47 A number of key revenue measures are included in the 2008-09 Budget. Conveyance Stamp Duty Rate Reductions From 6 May 2008, conveyance stamp duty rates have been reduced, at an estimated cost to the budget of $12 million per year. These reductions apply to the acquisition of dutiable property in the Northern Territory under a contract executed on or after 6 May 2008. These reductions will benefit home buyers, property investors and purchasers of business property. Northern Territory conveyance stamp duty is based on a linear scale and, prior to 6 May 2008, rates ranged from a minimum of 2.1 per cent to a maximum of 5.4 per cent that applied to dutiable property with a value of $500 000 or more. From 6 May 2008, the minimum conveyance stamp duty rate is reduced to 1.5 per cent, and the maximum rate is reduced to 4.95 per cent and applies to a property value of $525 000 or more. The effect of these changes is to reduce the conveyance stamp duty rate on all property transactions. The stamp duty first home owner concession has also been increased from the first $350 000 of a homes value to the first $385 000, meaning that first home buyers will pay no stamp duty on the first $385 000 of their homes value. As a result of the rate reductions, other home buyers will pay no stamp duty on about the first $111 850 of their homes value (previously the first $92 500). The stamp duty savings that home buyers, property investors and business property purchasers can expect from the rate reductions at various property values are provided in Table 4.5. Savings Property Value Investors/Businesses First Home Buyers1 Other Home Buyers $ $ $ $ 100 000 593 - 250 200 000 1 171 - 1 171 300 000 1 736 - 1 736 400 000 2 286 2 489 2 286 412 0002 2 351 2 554 2 351 500 000 2 822 3 025 2 822 600 000 2 700 2 903 2 700 700 000 3 150 3 353 3 150 800 000 3 600 3 803 3 600 900 000 4 050 4 253 4 050 1 000 000 4 500 4 703 4 500 1 No stamp duty paid until $385 000 2 The median house price as at December 2007 Source: Northern Territory Treasury Revenue Initiatives Table 4.5: Stamp Duty Savings at Certain Property Values


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