Month: June 2016

New Stamp Duty Raise for Foreign Purchasers in NSW

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”

Foreign Owned Property CGT Withholding Tax

On 25 February 2016, new legislation has been passed on CGT proposing to introduce a new withholding tax regime targeting foreign property owners commencing 1 July 2016.
The new regime requires the purchaser to pay a 10% non-final withholding tax to the ATO directly if the vendor is a foreign resident, unless the transaction is an excluded transaction.

Continue reading “Foreign Owned Property CGT Withholding Tax”