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From 21 June 2016, if you are considered a foreign person and are acquiring residential-related property NSW, you must pay surcharge purchaser duty.
Surcharge purchaser duty is calculated on the dutiable value and is paid in addition to the transfer duty payable on the acquisition of residential-related property.
You must pay transfer duty within three months of signing the contract for sale, or transfer if there is no contract.
However, settlement cannot take place if transfer duty has not been paid. This means that if settlement is earlier, duty must be paid on or before the date of settlement.
If you buy off-the-plan and you intend to live in the property, you may be able to defer the payment of your transfer duty for up to 12 months.
Calculating transfer duty
Use our online calculator to work out how much transfer duty you’ll need to pay.
You must pay transfer duty based on the property’s sale price or its current market value, whichever is higher.
We charge a standard transfer duty rate, as well as a premium duty rate, for residential properties worth more than $3 million.
Under Chapter 2, Part 3, Division 3 of the Duties Act 1997 the threshold amounts for standard transfer duty and premium duty rates are adjusted annually in line with movements in the Consumer Price Index (All Groups Index) for Sydney.
Adjusted base amounts are rounded to the nearest dollar (and an amount of 50 cents is rounded down)
Due to updated threshold amounts, the 2021/22 year has two sets of transfer duty calculations (news and media release).
If the buyer and seller are related or associated, or you’re not transferring the whole property, the property must be valued by a suitably qualified person.
If you are buying a residential property in NSW, use the residential property buyer tool to find out the taxes and duties you may need to pay, as well as exemptions and grants that you are entitled to receive.
The premium rate applies to residential properties only. If your property is worth more than $3 million (as per the premium table above) and part of it is used for business, we’ll only take into account the part that’s used for residential purposes when applying the premium transfer duty threshold.
For large properties, the premium transfer rate is calculated only on the first two hectares of land you own, as a proportion of your overall parcel of land. The remainder of your property will be charged at the standard rate.
For example:
your 10 hectare property is worth $20 million
two hectares is 20 per cent of the total area
20 per cent of the value is $4 million
you’ll pay the premium rate on the dutiable value above $3 million (as per the premium table above)
the remaining portion will be charged at the rate for property worth over $1 million.
Your solicitor or conveyancer can lodge an application for assessment on a contract for sale or transfer of land on your behalf. They’ll also arrange for duty to be paid. This is typically done as part of the settlement process. They'll also know if you are entitled to any exemptions or concessions.
You can apply for a refund (PDF, 259 KB) if you’ve paid transfer duty on a contract for sale or transfer that doesn’t go ahead.
You must apply within:
five years of the transfer duty assessment being made, or
12 months after the agreement is cancelled.
When applying for a refund, we’ll ask you for:
the original contract for sale or transfer
evidence the agreement has been cancelled – eg a photocopy of the Deed of Rescission (signed by both parties) or letters from both parties confirming the agreement has been cancelled
From 1 July 2016, the NSW government abolished transfer duty on the sale of business assets, including intellectual property, goodwill and statutory licences.
However, you still must pay transfer duty on any land the business holds. Duty will be assessed on the value of the land, including leasehold interests, fixtures and goods.
