ANNOUNCEMENT 01 Jul 2017

The Government of New South Wales increased the foreign investor transfer duty surcharge in real estate purchases.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 01 Jul 2017 | Removal date: open ended

FDI: Entry and ownership rule

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.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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