NSW passes stamp duty reforms to allow first home buyers to pay an annual land tax

Home owners can choose between paying ongoing tax or an upfront stamp duty for properties worth up to $1.5m

First home buyers in New South Wales will now be able to choose between paying an annual land tax or an upfront stamp duty on their property after Dominic Perrottet's signature tax reform was passed in parliament.

The legislation, which passed on Thursday, covers all properties bought by first home buyers worth up to $1.5m.

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