NSW state budget plans foreign investors land tax surcharge
Jonathan ChancellorDecember 7, 2020
Just like the Labor Government in Victoria, overseas property investors will have to pay more to buy a home in NSW under Treasurer Gladys Berejiklian’s state budget plan.
The Daly Telegraph's state politics reporter Andrew Clennell says Ms Berejiklian is understood to be seriously considering a 1.5 percent foreigner land tax surcharge to "tackle housing affordability."
It mirrors a 1.5 percent surcharge in Victoria, although there is a suggestion Ms Berejiklian could impose a slightly lesser rate of 1 percent.
Victoria also imposes an extra 7 percent on stamp duty for foreign buyers but Ms Berejiklian is understood to have ruled that out.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.