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Stamp
Duty on Property Transactions
68.
It is the aspiration of most middle-class families
to purchase their own home. I therefore
propose to reduce the rate of stamp duty on
transactions of properties with a value between $1
million and $2 million from 0.75 per cent to a
fixed amount of $100, which is the same level of
duty as for properties with a value at or below $1
million. This proposal comes into immediate
effect. It will benefit about 30 000 home
buyers and cost the Government about $250 million a
year.
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