Newsflash - tax reform! From July 1

Coming into effect from 1st July 2017 for NSW

First home buyers
First home buyers of existing and new properties costing up to $650k will be exempt from paying stamp duty from July 1. Estimated savings of up to $24,740 for a first home buyer in NSW. This increase the value of eligible properties from the existing $550k and reintroduces existing homes to the scheme. First home purchases worth between $650k and $800k will receive stamp duty discounts.

Foreign Investor Surcharge Duty
Foreign Investor Surcharge Duty will be doubled from 4 per cent to 8 per cent. This duty on the purchase of residential real estate by foreign persons from 21 June 2016 is in addition to the duty payable on the purchase of residential property. Foreign persons will no longer be entitled to the 12 month deferral for the payment of stamp duty for off-the-plan purchases of residential property.

Annual land tax surcharge
Annual land tax surcharge on foreign buyers will rise from 0.75 to 2 per cent a year. A foreign person who owns residential land in NSW, must pay a surcharge of 0.75 per cent from the 2017 land tax year onwards. The surcharge land tax surcharge was introduced in the 2016 NSW Budget.

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