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It was previously identified that citizens of New Zealand, Finland, Germany, India, Japan, Norway, South Africa and Switzerland were not subject to surcharge purchaser duty due to international tax treaties.
Changes to federal legislation means that these citizens may now need to pay surcharge purchaser duty if they enter into an agreement to acquire residential property in NSW on or after 8 April 2024.
Surcharge land tax may also be payable on future land tax assessments for residential land they own in NSW.
We will be providing further information relating to the new legislation as it becomes available and encourage you to monitor this page for updates.
On this page
It was previously determined that NSW surcharge provisions were inconsistent with international tax treaties entered into by the Federal Government with certain nations. This meant that citizens of New Zealand, Finland, Germany, India, Japan, Norway, South Africa and Switzerland did not have to pay surcharge purchaser duty or surcharge land tax.
On the 8 April 2024, new federal laws were passed which means that foreign persons who are citizens of the above countries may now have to pay surcharge purchaser duty when they acquire residential property in NSW and surcharge land tax on residential property they own in NSW.
Yes, both individuals and non-individuals may be affected by the international tax treaties and the passing of the federal legislation.
Individual purchasers/transferees that are citizens of the countries concerned acquiring residential-related property in their own capacity (not as trustee of a trust, partnership or corporation) may now be subject to surcharge purchaser duty.
Any transaction for the acquisition of residential-related property involving corporations, trusts, partnerships or governments affiliated with the nations concerned may also be subject to surcharge purchaser duty.
If you enter into the agreement to acquire residential property in NSW on or from the 8 April 2024, you must pay surcharge purchaser duty unless you are:
ordinarily resident in Australia
an Exempt permanent resident
a holder of a Partner (provisional) visa (subclass 309 or 820) and meet the residence requirements
a holder of a Retirement visa (subclass 405 or 410) and meet the residence requirements.
Yes, both individuals and non-individuals may be affected by the international tax treaties and the passing of the federal legislation.
Citizens of the nations concerned who own residential-related land in their own capacity (not as trustee of a trust, partnership or corporation), my now be subject to surcharge land tax.
Residential-related property owned by corporations, trusts, partnerships or governments affiliated with the countries concerned may also now be liable for surcharge land tax.