On 21 June 2016, the Treasurer of New South Wales announced in the budget 2016-17 new foreign property taxes.
The Treasurer said in his budget speech: "The Government is also introducing surcharges for foreign investors in residential real estate. This brings NSW in line with many other jurisdictions across Australia and around the world. A transfer duty surcharge of 4.0 per cent will apply to all purchases from today and a land tax surcharge will apply at a rate of 0.75 per cent from 1 January 2017. The surcharges are expected to generate around $1 billion in revenue over four years that will be invested into vital services such as health and education".
As mentioned in the speech, the state follows other Australian states introducing foreign property taxes. Furthermore, another tax at the federal level comes into force starting 1 July 2016. (cf. Related Measures)