Request for stamp duty waiver for

A local flood-affected resident contacted The Echo around their disappointment that a request was denied by the NSW Labor government to have stamp duty waived on new purchases for flood victims who were saying ‘yes’ to a buyback.

As previously reported, buyback offers made by the the Northern Rivers Reconstruction Corporation (NRRC) are at post-flood market rate, and there is little transparency around the appeals process. The NRRC’s responsibilities were transferred to the NSW Reconstruction Authority on July 1.

The resident, who wished to remain anonymous said, ‘At our most vulnerable time, when we need support now more than ever, not only are NRRC failing to aid the recovery process, but the NSW state government are also failing to read the room.’

They said the NSW Treasury Department replied, ‘Unfortunately, under current legislation there is no discretion for the government to waive or reduce a stamp duty liability that is properly payable. This is important to the integrity of the law, to ensure that it applies consistently and without prejudice or favour.’

The resident said, ‘Does the NSW state government really need to make profit from flood victims? When does the madness end?’