ANNOUNCEMENT 01 Jul 2017
The Government of New South Wales increased the foreign investor transfer duty surcharge in real estate purchases.
NUMBER OF INTERVENTIONS
New South Wales Government. NSW Budget 2017-18, p. 5-4. Available at: https://www.budget.nsw.gov.au/sites/default/files/budget-2017-06/2017-18%20Budget%20Paper%201%20-%20Budget%20Statement-1.pdf
On June 22, 2017, the regional government of New South Wales passed the 2017-18 Budget doubling the surcharge paid by foreign investors when purchasing a real estate property. The new stamp duty has increased from 4% to 8% and applies from July 1, 2017.
In addition, the 2017-18 Budget passed by the Parliament of New South Wales on June 22, 2017, also increased the land tax surcharge rate from 0.75% to 2%. The new surcharge applies from January 1, 2018, and it is entitled to foreign persons who hold residential land in New South Wales.