On 21st June the NSW Government office of state revenue announced new foreign investor surcharges
The NSW Government office of state revenue announced new foreign investor surcharges. This will effect all global investors in the NSW property market who are neither Australian citizens or permanent residents (excl. NZ citizens who have stayed in Australia at least 200 days in the past 12 months).
4 % Stamp duty surcharge on residential real estate - effective June 21st, 2016.
0.75 % annual land tax on homes owned by foreign investors - effective 2017.
Visit here to view the media release - http://www.osr.nsw.gov.au/info/news/foreign-investor-surcharge
Sales staff at Luschwitz have already seen these charges have an immediate impact at the top end of the market, with multiple foreign investors cancelling appointments when they heard the news. However, Luschwitz agrees with the Treasurer Ms Berejiklian's sentiments, that ultimately the investors will not be put off purchasing, rather it will eventually just be another cost to be taken into account and won't act as too much of a deterant.
by Gemma Luschwitz in Latest News
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