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The State government has drawn a line in the sand for foreign investors. Under new stamp duty laws from 1 July 2017, foreign investors who purchase property in NSW will be required to pay more while Australians will receive greater assistance from the State government.
The new laws provide for the following:
The new laws will also provide relief to all home buyers for purchases up to $800,000 and will abolish stamp duty on all homes valued up to $650,000.
Non-investors will still be entitled to a 12-month delay in the payment of stamp duty which will enable them to pay stamp duty on the earlier of 3 months from settlement or 15 months after the contract (exchange) date. However, investors will now need to pay stamp duty on the earlier of 3 months after the contract date or 3 months after settlement.
Foreign investors will now be required to pay an 8% stamp duty surcharge in addition to the stamp duty payable on the purchase, as well as a 2% land tax surcharge in addition to the land taxes charged on the property.