WebRevenue NSW has issued a Revenue Ruling that exempts Australian based developers that are ‘foreign persons’ from surcharge purchaser duty and surcharge land tax for new home development. The Ruling operates from 5 March 2024, when the legislation that was announced in the 2024/18 Budget came into effect. Web22 feb. 2024 · Revenue NSW has taken an extraordinary step this week, conceding that New South Wales surcharge purchaser duty and foreign owner surcharge land tax provisions are inconsistent with international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa. What we know
Purchaser surcharge duty: risk management tips for solicitors
WebForeign persons acquiring residential property in NSW on or after 21 June 2016 are liable to pay a 4% surcharge duty in addition to the usual duty payable on the purchase. A land tax surcharge of 0.75% will also apply to foreign persons owning resid Web30 mei 2024 · Surcharge purchaser duty (which applies to foreign purchasers of residential land) will not apply to transactions that are taxed as a ‘change in beneficial ownership’. … red ale wiki
Big changes to NSW Surcharge Duty & Surcharge Land Tax
Web22 mrt. 2024 · You may be eligible for a refund of surcharge purchaser duty paid on or after 1 July 2024, if you are from one of the nations concerned. Revenue NSW will identify … Web18 feb. 2024 · Duty Surcharge of: $200,000 Total duty payable is: $490,490 Where the aggregated value of land of $5,000,000, land tax payable of $80,600. Land Tax Surcharge payable on 50% of $5,000,000 at rate of 0.75%. Example 4: Trust with discretionary beneficiaries including an individual, trust or company not ordinarily in Australia Web22 feb. 2024 · Currently, duty is payable in NSW on the purchase of residential land at rates of up to 7%. Where a foreign person acquires residential land, surcharge purchaser duty will also be payable at 8%. Similarly, surcharge land tax of 4% is payable on top of regular land tax for foreign persons who own residential land in NSW. kling freitag access