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
Share This Post
Archived Posts
- September 2021 (1)
- July 2021 (1)
- June 2021 (1)
- April 2021 (1)
- March 2021 (2)
- February 2021 (2)
- December 2020 (4)
- April 2019 (1)
- December 2018 (1)
- November 2018 (4)
- October 2018 (3)
- September 2018 (4)
- August 2018 (9)
- July 2018 (8)
- June 2018 (6)
- May 2018 (8)
- April 2018 (3)
- February 2017 (2)
- January 2017 (3)
- November 2016 (2)
- October 2016 (3)
- September 2016 (3)
- August 2016 (3)
- July 2016 (2)
- June 2016 (3)
- May 2016 (4)
- April 2016 (4)
- March 2016 (4)
- February 2016 (2)
- January 2016 (2)
- November 2015 (3)
- October 2015 (1)
