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How it will happen https://www.smh.com.au/politics/nsw/a-duty-to-reform-nsw-takes-path-of-least-resistance-with-tax-switch-20201120-p56gj7.html
NSW will undertake the state’s biggest tax reform in decades with stamp duty to be phased out to boost the economy as NSW records a historic $16 billion budget deficit. Stamp duty will be replaced with an annual land tax on new property transactions as a key stimulus measure.
This follows a NSW Review of Federal Financial Relations, led by David Thodey AO. The Review showed how property transfer duty is a costly tax that impacts citizens’ freedom to move throughout the seasons of life. It can have the worst impact on first-home buyers and seniors.
A broader land tax will be fairer, more efficient and less volatile.