The NSW State budget for 2020/21 was handed down on 17 November 2020 (“Budget”). The Budget contains measures that:
provide payroll tax relief and a program to encourage domestic and international businesses to relocate their head office, or expand their jobs footprint in NSW
allow land tax discounts
give transfer duty concessions for first home buyers and bush fire relief.
The Treasurer has also released a consultation paper setting out a significant proposal for tax reform, effectively replacing stamp duty over time with a property tax levied at higher rates than the current land tax.