Budget Paper No.2 Fiscal and Economic Outlook 2008-2009
Tabled paper 1293
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
Tabled By Delia Lawrie
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.
2008-09 Budget 66 Territory Own-Source Revenue As part of the reduction in conveyance stamp duty rates in the 2008-09 Budget, the first home owner stamp duty concession is increased to the first $385 000 of a homes value (a stamp duty concession of up to $15 515). As a result, Territory first home buyers will now pay no stamp duty on the first $385 000 of their purchase. Chart 6.5 provides an interjurisdictional comparison of the stamp duty levied for a first home owner on the purchase of a median-priced house in a capital city. The stamp duty payable in the Territory by a first home owner on a median-priced house in Darwin is well below the national average and is the second lowest in Australia, behind only Western Australia. Note: Victoria has a First Home Bonus for first home buyers who are eligible for the $7000 First Home Owner Grant. The bonus is $5000 to purchase or build a new home, or otherwise is $3000, and ceases on 1 July 2009. The bonus is only available where the consideration paid under the contract is no more than $500 000. Median prices as at December 2007. Source: Real Estate Institute of Australia, state legislation and information available as at 30 April 2008 The effect of the increases on the first home owner concession can be seen in Charts 6.6 and 6.7. These charts show that, although house and unit prices have increased since 2001, the amount of stamp duty paid by first home buyers on the purchase of a median-priced house or unit in Darwin has decreased. Similarly, the amount of stamp duty payable on the purchase of a median-priced house or unit in Darwin decreases from 6 May 2008 for other home buyers. Chart 6.5: Conveyance Duty Payable on Purchase of a MedianPriced First Home from 6 May 2008 0 4 8 12 16 20 24 $000 NSW Vic Qld WA SA Tas ACT NT State average $9 844
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