NSW Stamp Duty Update from Pitcher Partners

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    NSW State Budget 2017

    Stamp duty update


    Foreigners who purchase property in NSW will be required to pay more in NSW State government taxes whilst Australians will receive assistance.  These new laws apply from 1 July 2017.

    In brief, these new NSW State laws affect the following:

    Australians

    For first home buyers, the new laws will:

    • Provide a $10,000 grant for purchasers of new homes up to $600,000 and $10,000 to first home buyers building a new property worth up to $750,000.
    • Non-investors will still be entitled to a 12-month delay in the payment of stamp duty meaning stamp duty will be payable within 3 months of settlement or 15 months after contract date (whichever comes first). This is available regardless of whether the purchaser is a first home buyer or not.

    For all home buyers, the new laws will:

    • Give stamp duty relief for all homes up to $800,000.
    • Abolish stamp duty on all homes up to $650,000 (both existing and new homes). 
    • Abolish insurance duty on lenders’ mortgage insurance.
    • Non-investors will still be entitled to a 12-month delay in the payment of stamp duty meaning stamp duty will be payable within 3 months of settlement or 15 months after contract date (whichever comes first). This is available regardless of whether the purchaser is a first home buyer or not.
    • No longer allow investors to defer paying stamp duty on off-the-plan residential purchases. Investors will need to pay stamp duty on the earlier of completion (settlement) and 3 months after the contract is signed.

    Foreigners

    • Foreign investors pay higher stamp duty rising from 4% to 8% (in addition the normal stamp duty) and land taxes rises from 0.75% to 2%.

    For further information, please contact your Pitcher Partners representative.

    Contacts

         

    Scott Treatt
    Partner, Tax Consulting
    +61 2 9228 2284
    scott.treatt@pitcher.com.au

     


         Brendan Jones
         Partner, Private Clients Group
         +61 2 9228 2207
         brendan.jones@pitcher.com.au

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