On 1 June 2017 the NSW Government announced the COMPREHENSIVE PACKAGE TO SUPPORT FIRST HOMEBUYERS –
The package includes:
Abolishing all stamp duty for first homebuyers on existing and new homes up to $650,000 and stamp duty discounts up to $800,000.
Abolishing the stamp duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits.
Doubling the foreign investor surcharge from 4 per cent to 8 per cent on stamp duty and 0.75 per cent to 2 per cent on land tax.
Removing stamp duty concessions for investors purchasing off the plan – this means stamp duty will be payable on or before 3 months from the date of exchange (or earlier if settlement is due less than 3 months from date of exchange).
From 29 April 2016 a copy of a valid certificate of compliance or relevant occupation certificate, or a valid certificate of non-compliance, must be attached to the sales contract to sell property with a swimming pool or spa pool.
This requirement does not apply to a lot in a strata scheme or in a community scheme, if that strata or community scheme has more than two lots, or for any off-the-plan contract.
Do these laws apply to me?
These laws apply if you are the owner of a property with a swimming pool or spa pool.
In a strata or community scheme, all the lot owners jointly own any swimming pool or spa pool that is on common property. The owners corporation (or body corporate) is responsible for ensuring such pools are compliant with the Swimming Pools Act 1992.
The law applies to any excavation, structure or vessel – including swimming pools and spa pools – that are:
● capable of being filled with water to a depth greater than 30cm, and
● used, designed, manufactured or adapted for swimming, wading, paddling or any other human aquatic activity.
Contact our office for further information on 9836 0821