The O'Farrell Government has repealed Labor's property tax that adversely affected many Davidson electorate residents, according to Jonathan O'Dea, Member for Davidson.
In 2010 the Labor government introduced an ‘ad valorem’ component to the Torrens Assurance Levy in relation to the registration of transfers of properties purchased for more than $500,000.
This additional tax has now been repealed by the new Government. Jonathan O'Dea spoke strongly in favour of abolishing the tax in Parliament this week.
"An ad valorem component should never have been added to the Torrens Assurance Levy, and would never have been contemplated if the previous Labor Government had properly managed the State's finances", Mr O'Dea said.
"In an attempt to recoup money wasted on the CBD metro proposal and other projects, the previous Labor government imposed this tax without proper consultation and at a time of fragility within the market.
"This tax has had a substantial impact upon Davidson residents. According to figures sourced through Australian Property Monitors, approximately 88 per cent of properties in the Ku-ring-gai Council area and 66 per cent of properties in the Warringah Council area sold above $500,000 in 2009", Mr O'Dea said.
"This was a kick in the guts for people at a time when interest rates and mortgage payments were rising.
"The new O'Farrell Government will continue to implement economic policies that will give NSW the best chance of recovering from the damage inflicted by Labor", concluded Mr O'Dea.
