Jun
13
Sydney Introduces New Stamp Duty on Foreign Homebuyers
By-
Stamp duty surcharge to be 4% in New South Wales state
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State plans to raise more than A$1 billion over four years
Foreigners buying homes in Sydney will face a new property tax from next week when New South Wales becomes the second state in Australia to impose such a duty as soaring demand from China helps drive record prices.
Australia’s most populous state plans to introduce a 4 percent stamp duty surcharge from June 21 and from next year a 0.75 percent land tax surcharge on foreign purchasers, New South Wales Treasurer Gladys Berejiklian said in an e-mailed statement Tuesday. The measure, which comes on top of stamp duty that applies to all buyers, is expected to raise more than A$1 billion ($738 million) over four years…
Sydney Introduces New Stamp Duty on Foreign Homebuyers
