2013 State budget
The NSW Treasurer, the Hon. (Mike) Michael Bruce BAIRD, MP announced the following changes to State taxes, grants and levies as part of the 2013 State Budget.
These and other changes were introduced under the:
First Home Owner Grant (New Homes) Scheme
The First Home Owner Grant (New Homes) grant of $15,000 is extended for a further 2 years from 31 December 2013 to 31 December 2015. It will reduce to $10,000 from 1 January 2016.
The amendment increases the payroll tax threshold from $689,000 to $750,000 for the financial year commencing on 1 July 2013 and subsequent financial years. The threshold will no longer be indexed.
Payroll Tax Rebate Scheme (Jobs Action Plan)
The amendment increases the rebate from $2,000 to $3,000 in the second year of employment for new jobs created from 1 July 2013 and removes the requirement to repay the first year rebate even if the second year rebate is not paid.
The amendment removes a target on the number of jobs to be created with the assistance of the scheme.
The closure date for the Jobs Action Plan scheme is 30 June 2015. The rebate can be claimed under the scheme for the employment of a person only if the employment commences on or before that date.
Abolition of Duties
The abolition of duty on unquoted marketable securities, transfer duty on non-land business assets and mortgages has been deferred until a date to be appointed by proclamation of the Governor.
As mortgage duty is deferred, the amendment provides for the application of the Duties Act 1997 to electronic mortgages executed in accordance with the Electronic Conveyancing National Law.