Thanks to the all knowing and visionary (not!) thoughts of Mrs Carr and Egan, Nsw now has a vendor transfer tax.
My understanding is that if you sell a non-farm, non-family home, and if you make more than 12% profit, then you have to pay a vendor transfer tax of (i think) 2.5% of the gross selling price (ie not just the profit)
Obviously, this must now be taken into consideration in our feasability study. I would assume that all developable property in nsw is now worth 2% less than it would have been otherwise.
Any thoughts on the new tax as it applies to developing?
Hi there wrappack,
Vendor duty is not payable on the first sale of new dwellings. See NSW Office Of State Revenue website (www.osr.nsw.gov.au).
(Sorry! I haven’t worked out how to do the link thingy yet)
Hope that answers your question.[biggrin]Hey!
I just worked out that the link thingy is automatic!…….Cool.[biggrin]
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