2010 State Budget
The NSW Treasurer, the Hon. Eric Roozendaal MLC, announced changes to State taxes and duties as part of the 2010 State Budget.
These and other changes were introduced under the State Revenue Legislation Amendment Bill 2010.
These changes include:
NSW Home Builders Bonus
From 1 July 2010, introducing transfer duty exemptions and concessions in respect of the purchase or construction of a new home.
From 1 July 2010, introducing a transfer duty exemption for eligible seniors purchasing a new home as their principal place of residence.
From 1 July 2010, the payroll tax rate will reduce from 5.65% to 5.50%.
From 1 January 2011, the payroll tax rate will reduce from 5.50% to 5.45%.
From 1 July 2010, an exemption for wages paid in respect of a maximum 14 weeks paternity leave is introduced.
Insurance protection tax
Effective 1 July 2011, insurance protection tax is abolished.
Gaming machine tax
From 1 July 2010, revised gaming machine tax rates will apply to hotels.
Note: Information relating to other changes contained in the Bill will be available on OSR’s website once the legislation has passed through Parliament.