Under the new NSW budget foreign investors in the residential property market will now face an additional 4 per cent surcharge for stamp duty, along with 0.75 per cent land tax surcharge. The new taxes will apply to all residential purchases, following similar implementation in Victoria that created a 7 per cent stamp duty and 1.5 per cent land tax surcharges for foreign purchasers.

NSW Treasurer Gladys Berejiklian has stated that the new scheme will generate $1 billion in revenue over the next four years, noting that foreign investors will also be excluded from the 12 month deferral of stamp duty for off-the-plan purchases and the tax-free threshold for land tax.

%d bloggers like this: