VENDOR TAX ABOLISHED!
Now is the time to invest….   The introduction of a 2.25% vendor tax was announced in 2004, the new tax requiring owners of properties that were not their principal place of residence, and who were not eligible for a concession, to pay an additional tax to the Government on the sale of the property.   Recently the new NSW Premier Morris Iemma announced that the controversial vendor tax would be abolished under his leadership.

Investors are expected to return in significant numbers to the NSW property market now that the tax has been abolished. The vendor duty had deterred a lot of would be investors from entering the property market, and punished those who had already purchased.  Many investors had turned to other states for opportunities.   A welcome development that will secure the future of property investment in NSW and the contribution it makes to the States economy, the vendor duty  no longer applies to contracts entered into (exchanged) on or after August 2nd 2005.   The abolishment of the duty it tipped to generate increased activity in the investment sector of the property market, which will have a positive effect on the State’s property market.   The L.J. Hooker network can provide a ‘one-stop-shop’ solution to take advantage of this favourable market for NSW investors.   For more information contact your lcoal L.J. Hooker office today!