Hi Everyone,
Welcome to the June issue of our newsletter.
At its meeting today, the Reserve Bank of Australia decided to leave the cash rate unchanged again at 1.5%.
As of 1 July 2017, if the sale price on a contract exceeds $750,000 then you might be up for a 12.5% CGT withholding tax which will be payable on settlement. Australian residents selling property will need to obtain a CGT Withholding Clearance Certificate prior to settlement to ensure that they do not incur the 12.5% CGT withholding tax. Currently the sale price must not exceed $2,000,000 and the CGT withholding tax rate is 10%.
The State Government has recently announced that first home buyers will be exempt from paying stamp duty on the purchase of property with a purchase price of up to $650,000 and will receive a discount on their stamp duty for the purchase of property up to $800,000. This will apply to contracts exchanged on or after 1 July 2017.
In this issue we show you what you need to know about switching home loans, we give you seven tips to help first home buyers avoid potentially costly mistakes and for a bit of fun test your knowledge by completing our trivia quiz.
Please feel free to contact us about any matter - we are always happy to hear from you and to assist!
Kind regards,
Donna Westwood
Donna Westwood
Licensed Conveyancer, JP
(Licence No. 1555562)
Tel: |
(02) 9940 4006 |
Fax: |
(02) 9940 3398 |
Mob: |
0429 912 649 |
Email Donna Westwood
or call (02) 9940 4006
Tel: (02) 9940 4006 | Fax: (02) 9940 3398 | Mob: 0429 912 649
35 Rosamond Street, Hornsby NSW 2077
Westwood Conveyancing | ABN: 68 155 594 602
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