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NEWS FLASH: Surcharge Duty and Tax Changes

Updated April 2024:
It was previously identified that citizens of the below countries were not subject to surcharge purchaser duty due to international tax treaties.

Changes to federal legislation means that these citizens may now need to pay surcharge purchaser duty if they enter into an agreement to acquire residential property in NSW on or after 8 April 2024.

Surcharge land tax may also be payable on future land tax assessments for residential land they own in NSW.

On 21 February 2023, Revenue NSW announced that the Surcharge purchaser duty and surcharge land tax provisions are inconsistent with international tax treaties entered into by Australia with the following countries:

  • New Zealand,
  • Finland,
  • Germany, and
  • South Africa.

If you are a citizen of one of these countries and looking to purchase residential property in NSW, you may not be required to pay surcharge purchaser duty or surcharge land tax.

If you are a citizen of one of these countries who recently paid surcharge duty on your purchase of property in NSW, then you may be eligible for a refund of surcharge duty.

Please do not hesitate to contact our expert property law team to guide you through any queries you may have.

Important Disclaimer: The content of this article is general in nature and for reference purposes only.  It does not constitute legal advice and should not be relied upon as such.  Legal advice about your specific circumstances should always be obtained before taking any action based on this publication



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