It has been determined that NSW surcharge provisions (i.e. Foreign Owner Surcharge and Surcharge Purchaser Duty) are inconsistent with international tax treaties entered into by the Federal Government with the following countries:
Effective immediately, individuals that are citizens of these countries that purchase or own Australian residential-related property or land in their own capacity will no longer be required to pay surcharge purchaser duty or surcharge land tax. Entities may also be affected by this change if they are affiliated with these countries.
Refunds may be available for eligible purchasers and landowners who paid surcharge purchaser duty or surcharge land tax on or after 1 July 2021.
There is also no word yet on whether the other states and territories will follow suit, although we expect they will shortly.
If you have any queries or wish to discuss the above, please do not hesitate to contact us.