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

65 Savings Property Value Property and Business Investors First Home Buyers1 Other Home Buyers $ $ % $ % $ % 100 000 593 22 - 250 100 200 000 1 171 17 - 1 171 27 300 000 1 736 14 - 1 736 18 400 000 2 286 12 2 489 71 2 286 14 412 0002 2 351 12 2 554 58 2 351 14 500 000 2 822 11 3 025 26 2 822 12 600 000 2 700 8 2 903 17 2 700 9 700 000 3 150 8 3 353 15 3 150 9 800 000 3 600 8 3 803 14 3 600 9 900 000 4 050 8 4 253 13 4 050 9 1 000 000 4 500 8 4 703 12 4 500 9 1 No stamp duty paid until $385 000. 2 Median house price as at December 2007. Source: Northern Territory Treasury The benefit of the Territorys principal place of residence rebate of $2500 is shown in Chart 6.4. This rebate has been maintained in the 2008-09 Budget and combined with the reduction in conveyance stamp duty rates means that home buyers, other than first home buyers, will pay no stamp duty on about the first $111 850 of their homes value. The rebate reduces the Territorys conveyance duty on a principal place of residence in Darwin to below the national average and the fourth lowest of the jurisdictions. Although not reflected in Chart 6.4, Territory home buyers also benefit from paying no stamp duty on any mortgage security and, for investors, paying no annual land tax. Note: Median prices as at December 2007 Source: Real Estate Institute of Australia, state legislation and information available as at 30 April 2008 Table 6.5: Stamp Duty Savings for Home Buyers, Property Investors and Business Property Purchasers at Certain Property Values from 6 May 2008 Chart 6.4: Conveyance Duty Payable on Purchase of a MedianPriced Principal Place of Residence from 6 May 2008 0 4 8 12 16 20 24 NSW Vic Qld WA SA Tas ACT NT $000 State average $15 635


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