The NSW Budget announcement on 17 November 2020 includes a proposal to replace stamp duty with a broad-based property tax. This consultative process is not the first time there has been consideration of the removal of stamp duty but given the potential scope, investors should take it seriously and consider their options including potentially, participation in the consultation process. Public consultation will occur until 15 March 2021, with the Government to report on the outcomes by mid-2021.
