2022 State budget

June 2022-2023 State Budget Announcements

The New South Wales (NSW) Treasurer, the Hon. Matt Kean MP, announced the following tax measures as part of the 2022-2023 State Budget:

First Home Buyer choice

First home buyers purchasing a property up to $1.5 million will have the choice of either paying stamp duty (transfer duty) or an annual property tax. New applications for First Home Buyer Choice have since closed on 1 July 2023.

Shared equity scheme

The NSW Government will contribute up to 40 per cent of the purchase price of a dwelling in exchange for an equivalent equity share in the dwelling to assist eligible single parents with dependent children, singles older than 50 years and key worker first home buyers to purchase their own home. New applications for the Shared equity scheme have since closed on 30 June 2024.

Payroll Tax

The Budget provides that wages funded by Commonwealth Aged Care Workforce Bonus Grant Opportunity are exempt from payroll tax paid or payable to employees on or after 1 February 2022 .

Land Tax

From the 2023 land tax year, surcharge land tax payable on residential land owned by foreign persons is increased from 2% to 4% of the taxable value of the residential land owned at midnight on 31 December 2022.

The discount for early payment of land tax is reduced from 1.5 per cent to 0.5 per cent if paid within 30 days after service of the notice of assessment.

Betting Tax

The Betting Tax Act 2001 will be amended

1. to change the percentage rates and the applicable offsets,
2. to change the percentage rates of point of consumption tax, and
3. to change the calculation of the amount of the annual payment of tax revenue to the racing industry under the Betting Tax Act 2001 from 2 per cent of taxable net NSW wagering revenue generated during the financial year to 33 per cent of point of consumption tax collected during a financial year.