News and media releases

NSW State budget 2019-2020

19 June 2019

The 2019-20 state budget includes tax reductions, including further rounds of payroll tax cuts, transfer duty threshold indexation and relief from surcharge taxes for certain foreign retirees.

Changes to the payroll tax threshold

The payroll tax threshold will be increased from its current level of $850,000 in 2018-19 to

  • $900,000 in 2019-20
  • $950,000 in 2020-21
  • $1 million in 2021-22

Transfer duty threshold indexation

From 1 July 2019, transfer duty thresholds will be indexed to the Sydney consumer price index (CPI), which will gradually increase thresholds over time and reduce the amount of transfer duty paid on property purchases.

Relief from surcharges for some foreign retirees

Holders of retirement visas (subclass 410 and 405) who meet residency requirements will be exempt from:

Read the 2019-2020 NSW budget statement.