From 18 July 2016, all buyers acquiring land in NSW must complete a purchaser declaration when acquiring any land in NSW. The purchaser declaration must be lodged with any document assessed for duty dated on or after 21 June 2016.
The 2016 NSW Budget introduced a 4% surcharge purchaser duty on the purchase of residential real estate by a foreign person from 21 June 2016. The surcharge is in addition to the duty payable on the purchase of residential property.
Foreign persons will no longer be entitled to the 12-month deferral for the payment of Stamp Duty for off-the-plan purchasers of residential property.
This surcharge will also apply to landholder transactions if:
- there is a landholder liability and one or more of the properties owned by the landholder is classified residential, and
- the purchaser is a foreign person who purchases shares or units in the landholder.
From 18 July 2016, the purchaser declaration must be completed by any person entering into a transaction on or after 21 June 2016, that results in the acquisition of an interest in land in NSW.
For more information or advice concerning Overseas Residents’ Purchaser’s Declarations, contact our experienced Property & Conveyancing team at Rockliffs Lawyers today.