NSW duty: Proposed stamp duty choice for first home buyers
The NSW Government has reminded first homebuyers that under the proposed First Home Buyer Choice measures (that are intended to be introduced into Parliament this sitting), eligible first home buyers will have the choice of a smaller annual property payment or a traditional upfront stamp duty payment for properties with a purchase price of up to $1.5m. The NSW Government also said that an online calculator is now available to help eligible NSW first home buyers choose between a small annual property payment or paying a bigger upfront stamp duty. (Note that under the proposed measures, first home buyers who sign a contract of purchase on or after 16 January 2023 will be eligible to opt into the property tax and will not be required to pay stamp duty in order to complete their transaction.) For more information on the First Home Buyer Choice, see here. To view the calculator, see here.
ATO information to help manage clients’ tax obligations
The ATO has released information to help practitioners manage events that may affect their ability to manage their clients’ tax obligations. The information includes the following matters: practitioner support options; reporting tax crime; and the maintenance of digital services.
IGTO report into ATO’s administration of tax objections
The Inspector-General of Taxation and Taxation Ombudsman (IGTO) has released the latest report comprising an initial review of the ATO’s handling of objections by taxpayers entitled An investigation into the effectiveness of ATO communications of taxpayer rights to complain, review and appeal. It concluded that the ATO is generally effective in communicating taxpayers’ rights to object. However, IGTO also received strong feedback from taxpayers that the ATO objection process itself could be improved.
