In 2017 amendments were made to provide for surcharge concessions to Australian-based developers who are foreign persons.
There are two forms of concession or exemption.
Guidance on the circumstances for granting or revoking an exemption are provided in the Revenue Ruling.
An application for refund must be made:
The 10 year period applies to land acquired after 21 June 2016. If the completion of the land occurred before 21 June 2016, then a five year period will apply.
To apply for a refund, exemption or reassessment you must apply online:
If a refund is granted, payment will be made by electronic funds transfer (EFT). We will contact eligible applicants with further information on how to proceed once their matter has been reviewed.