State treasurer Gladys Berejiklian has made an announcement to raise an additional 4% stamp duty surcharge from foreign investors for NSW residential property starting from 21 June 2016. An additional 0.75 land tax surcharge will also be raised from 2017.
It is said that the stamp duty surcharge and the land tax surcharge will raise more than $1 billion in revenue over four years. And would help to fund $1.8 billion in business tax cuts announced on Tuesday. Continue reading “New Stamp Duty Raise for Foreign Purchasers in NSW”