Territory Stories

Northern Territory budget papers 2019-20

Details:

Title

Northern Territory budget papers 2019-20

Other title

2019/20 Budget papers

Creator

Northern Territory. Department of Treasury and Finance

Collection

Northern Territory budget papers; Reports; PublicationNT

Date

2019-05-07

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Appropriations and expenditures; Periodicals; Budget; Finance, Public

Publisher name

Northern Territory Government

Place of publication

Darwin

Volume

2019/20

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/810692

Citation address

https://hdl.handle.net/10070/810694

Related items

https://hdl.handle.net/10070/810699; https://hdl.handle.net/10070/810695; https://hdl.handle.net/10070/810696; https://hdl.handle.net/10070/810697; https://hdl.handle.net/10070/810698; https://hdl.handle.net/10070/810700; https://hdl.handle.net/10070/810693

Page content

74 Territory taxes and royalties 2019-20 Budget owned a home in the Territory in the previous 24 months (including first home buyers) or have separated from their spouse or de facto partner and no longer own a home in the Territory as a result. This replaces the former first home owner discount, which ceased on 6 May 2019, and the principal place of residence rebate, which ceased on 8 February 2019. Seniors, pensioners and carers continue to receive a concession of $10 000 on the purchase of a principal place of residence for property values up to $750 000. This is equivalent to a stamp duty concession on the first $292 300 of the value of the residence. Overall it is difficult to compare stamp duty on homes in each state, given the significant variation in median house and unit prices. Chart 6.2 shows Darwin has one of the lowest median house prices of all states and territories. Chart 6.2: Median house prices Note: Median capital city house prices in the December 2018 quarter. Source: Real Estate Institute of Australia However, one method is to compare the stamp duty that would be payable in each state for similarly priced housing. Chart 6.3 provides an interjurisdictional comparison of the amount of stamp duty levied on the purchase of a new or established home to be used as a principal place of residence, at the median house price in Darwin ($493 750) rather than at the median house price applying in each capital city without any discount applied for first home owners. It indicates that stamp duty in the Territory on the reference property is by far the lowest in Australia for the purchase of a new or established home and is significantly below the national average. 0 250 500 750 1000 1250 NSW Vic Qld WA SA Tas ACT NT State average $628 213 $000


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