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2026-2027 State Budget

On 23 June 2026 the NSW Treasurer, the Hon. Daniel Mookhey MLC, handed down the 2026-2027 State Budget.

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Once enacted, the Revenue and Other Legislation Amendment Act 2026 (the Act) will implement measures announced in the budget which are to commence on the Act’s date of assent. Relevantly, the budgetary measures in the Act amend the Duties Act 1997.

Amendments to the Duties Act 1997

Chapter 2A of the Duties Act 1997 is being amended to provide:

  • refunds of or exemptions from surcharge purchaser duty for certain build-to-rent and retirement village acquisitions;
  • an exemption from surcharge purchaser duty for a transfer of a dwelling in a retirement village from the resident to the operator; and
  • consistency between the new provisions and the existing Australian-based developer and build-to-rent provisions.

Transfers of existing build-to-rent land

Surcharge purchaser duty may be exempted or refunded for a transfer of land that is subject to a build-to-rent land tax concession under section 9E or 9F of the Land Tax Management Act 1956.

Minimum time limits apply for the land to continue to be subject to the build-to-rent land tax concession.

Construction of a retirement village or additional dwellings

Surcharge purchaser duty may be exempted or refunded for a transfer of land to an Australian Corporation that constructs a minimum of 50 new or additional dwellings on land on which a retirement village is or will be operated.

Transfer of an existing retirement village

Surcharge purchaser duty may be exempted or refunded for a transfer of an existing retirement village with at least 50 dwellings, subject to the retirement village operating for a certain period of time.

Transfer of a dwelling in a retirement village to the village operator

A transfer of a dwelling within a retirement village from a resident of the village to the operator of the village will be exempt from surcharge purchaser duty.

 

Need more detailed information?

Learn more about surcharge purchaser duty, including who must pay it, which properties it applies to, and how it is calculated.

If you are a solicitor, conveyancer or accountant read the surcharge purchaser duty guide in the Property Professionals Resource Centre.