The legislation will also end former premier Dominic Perrottet’s flagship property tax legislation,which was billed as the first step in a complete overhaul of stamp duty.
While the Coalition has urged crossbenchers who supported Perrottet’s land tax to block its repeal,Labor has won support from key independent Greenwich and the Greens,which will enable it to pass the lower house.
Greenwich said he was likely to support the bill “pending a review of the legislation”.
“I especially welcome the requirement to live in the property for at least 12 months,which will help limit flipping properties for a quick profit or turning them into investment properties or short-term rentals,” Greenwich said.
The Greens Treasury spokesperson Abigail Boyd said the former government’s changes did nothing to address housing affordability.
“It was a bad policy six months ago,and it is still a bad policy,” Boyd said.
The government has argued its new exemptions are a “simpler and fairer” policy,pointing out that while almost 4800 people have opted into the land tax since it came into effect in January,the majority had been at the top end of the scale.