The Treasury (Cost of Living) and Other Legislation Amendment Act 2012 came into effect on the 27th June 2012 resulting in a number of changes based on LNP election promises.
Election promises acted on in this Act include their commitment to reinstate the transfer duty home concession and to abolish the requirement for a Seller to provide a prospective Buyer with a Sustainability Declaration.
These announcements are a welcome relief for the Real Estate Industry which has copped a hiding from Government over recent years.
These reforms should be the start of a relief rollout that is long overdue for the Industry. Hopefully the stamp duty savings will help revive sales while reductions in sales procedure requirements will certainly assist in creating more certainty in the sales process.