Land Tax increase

The NSW Minister for Land quietly mentioned a new land tax, buried in a document about security of land transfer documents. Applicable on sales above $500,000, the rate will be 0.2% for the value above that amount, up to $1M, and then 0.25% for value above that larger amount. As an example a $1.2M house will attract an extra $1,500 land tax. The tax will be introduced so the revenue can be counted in the June 8 state budget.
It might be an incentive to close a sale quickly, although not knowing when the tax will apply makes it hard to know if you can avoid it.