PHOTO: Stamp Duty

THE New South Wales government says it is making the “most significant reform in a generation” to the controversial stamp duty regime by indexing the tax to inflation.

From July 1, 2019, the seven stamp duty tax brackets will move in line with the consumer price index, saving an average property buyer $500 to begin with. That benefit will increase over time.

It won’t make much of a dent in the overall bill, however. A person buying an $800,000 house in Sydney would currently pay $31,490 in stamp duty to the state government.

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