ABCDiamond

Here is the info on the New South Wales budget for 2005

http://www.osr.nsw.gov.au

The main thing (other than for property investors) being: From 1 September 2005, the stamp duty rate on some types of general insurance will increase from 5 per cent to 9 per cent

Merlot

Seems Oz and the UK costs of living are soaring together.

M

Siren & Brian

Well they know that everyone is going to get a $6 a week tax cut from the Feds, no better time to slug people for more money.

ABCDiamond

Correct, but I won't complain about this NSW budget, it makes me about $800 a year better off, and I live in QLD

But....... what will the QLD budget do to me next month ? :scared:

That's three budgets (Federal, NSW & QLD), in a few weeks of each other that affect me !

At least the UK only gets ONE budget per year

bondipom

I guess the land value of your properties is under 350,000 each. For those whose land is over that much they are worse off.

ABCDiamond

Correct
They have put us all back to the same situation as we were in 2004, but with a slightly higher threshold to account for inflation.

Land value, in my area there, is about 40% of the selling price.

I wish it was about $350k land value, it would make the house worth about $900,000

ABCDiamond

I am actually surprised that the NSW government haven't made much of the fact that Land Tax has actually dropped for everyone in comparison to the years up to 2004.

But it does appear that they listened to all the complaints about the increases to the smaller investors in the 2004 budget.

That budget did appear a bit strange, for a Labor government to tax the smaller "mum and dads" investors, whilst giving the proceeds to the bigger better off investors

bondipom

NSW government stamp duties and land taxes seem to be made on the hoof rather than with a sensible consideration of the real impact. The idea of some of the taxes was to force a sell off of investment property to help 1st time buyers however the vendor tax just means some are waiting for a Brogden government who have promised to axe the tax. The taxes just seem to be prolonging the current drop in the Sydney market.

The new infrastructure spending was a bit underwhelming.