NSW: duty and land tax surcharges on ‘foreign persons’ – ruling adopting the extensions to the definition of ‘foreign person’ set out in the Foreign Acquistions and Takeovers Act 1975
The 2016 NSW Budget introduced a 4 per cent surcharge purchaser duty on the purchase of residential real estate by foreign persons 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…