Authors: Lisa To and Hayley Constantine
Revenue NSW have announced in a media release that foreign citizens from New Zealand, Finland, Germany and South Africa (Listed Nations) are no longer required to pay surcharge purchaser duty or surcharge land tax on residential property in NSW. It has been determined that the NSW surcharge provisions are inconsistent with international tax treaties with the Listed Nations.
In our previous articles, we highlighted the sting caused by surcharge land tax (currently 4% from the 2023 land tax year) and surcharge purchaser duty (currently 8%) (surcharges). This will no longer apply to citizens of the Listed Nations.