Northern Territory Second Reading Speeches

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STAMP DUTY AMENDMENT BILL 2016

stamp duty amendment bill 2016
(Serial 1)

Bill presented and read a first time.


Ms MANISON (Treasurer):
Madam Speaker, I move that the Bill be now read a second time.

In recent year greater numbers of Territorians have chosen to leave the Territory and live elsewhere. This is having a negative impact on many local businesses and our economy. The government wants to see that trend reversed. We want to see more Territorians owning their home and staying here longer. To achieve this, it is critical that the housing market is unlocked so individuals and families can enjoy living, working and continuing to call the Territory home.


The Bill puts in place measures to increase the stamp duty discount for first home buyers of established homes. The increased assistance was announced prior to the election as part of the government’s commitment to assist first home buyers. I am pleased to annonouce that from the first of September 2016, first home buyers who purchased established homes with a dutiable value of up to $650,000 are no longer required to pay stamp duty on the first $500,000 of that purchase. This is an increase up to $14,000 on the stamp duty relief previously available to first home buyers of established homes. This increased assistance means that first home buyers of established homes are eligible for a total stamp duty saving of up to about $24 000 and the first $500 000 in home value is stamp duty free. Combined with the $10 000 available under the first home owner renovation package, including up to $2000 for household goods, government is providing buyers of established homes with a total incentive of up to around $34 000 to purchase their first home.


With the introduction of increased stamp duty relief, most first home buyers of established homes will not pay any stamp duty for the purchase of their home. Funds can instead be put towards a home deposit or other costs that may arise. This increased stamp duty assistance makes the Territory a more attractive place to settle for first home buyers and their families. This is particularly so where the average stamp duty payable by first home buys in other states is close to $20 000 for an established home.


First home buyers of new homes remain entitled to $26 000 under the First Home Owner Grant for the purchase or construction of a new home and will also be entitled for the $2000 for household goods. Emphasising the government’s commitment to supporting local businesses, the money under the first owner renovation and household goods package must be spent locally with Territory suppliers and tradespeople. With the introduction of the bill and the first home owner renovations package, we are helping to restore confidence in the Territory’s housing market and assist more people into their first home. I commend the bill to the house and table the explanatory statement.


Debate adjourned

 


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