Smile investors in NSW, the government is about to stick its hand out for more of your $$ by adding a new cost to the transfer of property valued over $600k. The measure is supposed to increase security but will also raise $90M.
There is not much about what the 6 new security measures/checks that are to be put in place will be nor how they will improve security nor how they will be monitored ie will it be a charge levied on the sale and administered by the LTO or will it come down to an additional thing(s) to be done by the solicitor/conveyancer/agent?
When you consider the median house price in Sydney is over $700k, it will only be units, the low volume and low end properties which will avoid the tax burden.
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