Foreign buyers of residential property in NSW will pay a 4% Stamp Duty surcharge from 21 June 2016 and an extra 0.75% Land Tax from 1 January 2017.
These imposts will not apply to Australian citizens, permanent residents of Australia or New Zealanders staying in Australia at least 200 days in the last 12 months.
Based on the median house price in Sydney of $995,804.00 the Stamp Duty for a foreign person will almost double from $40,305.00 to $80,137.00.
This Duty will be payable on all contracts entered into on or after 21 June 2016.
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