TAX RELIEF FOR FARMERS & FIRST HOME BUYERS IN NSW BUDGET

Wednesday, 21 June 2017

 NORTHERN Tablelands MP Adam Marshall today said that the costs of doing business on the land and costs of living would be eased across the region due to a range of tax cuts in yesterday’s 2017-18 NSW Budget.

Mr Marshall welcomed the package of tax reforms for families, farmers and small businesses across the Northern Tablelands

“As part of the budget, $1.6 billion worth of taxes will be cut, including stamp duty for first home buyers, lenders mortgage insurance duties and duties on crop and livestock insurance,” Mr Marshall said.

“These tax reductions are expected to save farmers and small businesses a total of $330 million over the next four years.

“Small business is the lifeblood of the rural and regional economies and these tax cuts will ease the pressures business-owners feel.”

Mr Marshall said it was important to always be looking at how to better support farmers in country NSW.

“I’m proud that duties on crop and livestock insurance will be abolished from the start of next year,” he said.

“The changes will assist with cash flow and help farmers grow in our region – with a stronger regional economy the whole state benefits.

“To help people looking to buy their first home, our housing affordability package includes stamp duty exemptions for houses up to $650,000 and discounts for purchases up to $800,000 for both existing and new homes.

“We are also getting rid of duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits, providing a saving of around $2,900 to someone buying an $800,000 property.

From 1 January 2018, the NSW Government will abolish insurance duties for small businesses on commercial vehicle insurance (including aircraft), professional indemnity insurance, and product and public liability insurance. The changes will apply to businesses with an aggregated turnover of less than $2 million.

 

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