This week’s NSW budget froze the tax-free threshold for land tax at $1.075 million. Annual indexation in line with property price changes will also stop.
The REINSW has reacted angrily to the change, describing the move as “a tax grab by stealth” that will hurt renters:
“Given the high cost of holding a residential property, adding to the tax burden will only place additional pressure on investment returns, leaving landlords two undesirable options. They can either pass the extra cost onto tenants or sell their investment property, taking more homes out of an undersupplied rental market”, REINSW CEO Tim McKibbin said.
