In accordance with the 2016 NSW Budget, from 1 January 2017, the Land Tax Surcharge will formally become applicable to NSW residential land lowed by foreign residents. The surcharge is payable in addition to the land tax paid by the land owners.
What you need to know:
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Tax Rate: |
0.75% |
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Base: |
Value of land owned as at 31 December of each year |
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Tax-free Threshold: |
the $549,000.00 land tax free threshold is not applicable to Land Tax Surcharge. In other words, surcharge is applicable to every dollar of the land value. |
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Who is foreign person: |
· Permanent Residents who have not lived in Australia for 200 days in the past 12 months; · New Zealand Citizens who do not hold special category visa; · Company with at least 20% of foreign ownership · Trustee of a trust who is not an ordinary resident (if individual) or has a substantial foreign interest (over 20 percent) · Foreign beneficiaries of a fixed trust · Trustee of a special trust, whose beneficiaries are foreign persons. |
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Principal Place of Residence Exemption |
Land Tax exemption will continue to apply. However, Land Tax Surcharge will not be exempted |
| Jointly Owned Property |
Land Tax Surcharge will be applicable to the proportion owned by the foreign owner |
If you have paid land tax in the past, please go to client login of Office of State Revenue to update your resident status.
If you have not previously paid land tax, please call OSR on 1300 139 816 to arrange your login details over the phone so that you can update your foreign status and residential land details.