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23 June 2017

2017-18 New South Wales State Budget: Tax and duty changes, including significant increases to stamp duty and land tax surcharges, and certain exemptions and/or refund provisions for Australian-based developers and permanent residents

The New South Wales 2017-18 Budget handed down on 20 June 2017 has confirmed the pre-announced significant increases to stamp duty (from 4% to 8%) and land tax surcharges (from 0.75% to 2%) for 'foreign persons' of New South Wales residential property. These changes, together with others outlined below, have been introduced into the New South Wales Parliament under the State Revenue and Other Legislation Amendment (Budget Measures) Bill 2017 (NSW) (Bill).

As at 22 June 2017, the Bill was passed in both Houses of NSW Parliament and is now awaiting assent.