NSW changes to taxes and costs from July 1

Toll relief, stamp duty reform and cuts to payroll tax: Here are some of the changes coming into effect in NSW from July 1.

More motorists will get discounts on their car registration and self-funded retirees will get help paying their power bills under changes rolling out in NSW from the beginning of the new financial year.

NSW will also become the first state or territory to peg the price brackets that determine how much stamp duty is paid to inflation, from July 1.

Treasurer Dominic Perrottet, announcing the stamp duty reform last year, said it would "reduce the tax burden on homebuyers allowing them to put more money towards a deposit".

For motorists, an expansion of the toll relief program will mean drivers who spend $15 or more a week on tolls will be eligible for half-price vehicle registration, while those who spend $25 or more a will continue to receive free registration.

The state government says this will more than double the amount of people who can receive toll relief.

Also from July 1, around 130,000 self-funded retirees will be able to claim $200 a year to help with power bills under a new rebate available to holders of a Commonwealth Seniors Health Card.

Families will have access to a second $100 voucher per child to encourage them to become involved in sport under the active kids program.

The second voucher will be available for the six-month period between July 1 and December 31.

Up to 40,000 businesses will also get some relief under tax cuts introduced in 2018, with the point at which they start paying payroll tax set to rise from $850,000 in 2018-19 to $900,000 in 2019-20.


Share
2 min read

Published

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world
NSW changes to taxes and costs from July 1 | SBS News