Home Oweners Beware - NSW cracks down on Foreign person Surcharges

https://www.bartier.com.au/insights/articles/revenue-nsw-cracks-down-on-foreign-person-surcharges/

Foreign persons that acquired residential property in NSW on or after 21 June 2016 are liable to pay, currently an 8% surcharge duty in addition to the usual duty payable on the purchase. Foreign land tax surcharge of currently 2% will also apply to foreign persons owning residential property in NSW since 31 December 2016 for the 2017 and subsequent land tax years.

While these changes have been in place for a number of years now, Revenue NSW are undertaking risk reviews and issuing assessments. Homeowners are being met with the imposition of surcharge duty, penalty tax and interest for residential property acquisitions that have occurred over the past five years. Read more click on logo or click here