There has been a significant change in the surcharge purchaser duty law in New South Wales (NSW), affecting citizens of certain countries.
As of April 8, 2024, citizens of New Zealand, Finland, Germany, India, Japan, Norway, South Africa, and Switzerland, who were previously exempt due to international tax treaties, may now be subject to paying surcharge purchaser duty if they enter into an agreement to purchase residential property in NSW.
Surcharge purchaser duty is mandatory for those considered foreign persons acquiring residential-related property in NSW. Currently set at 8% of the dutiable value, which is the greater of the purchase price or property value, this duty is paid in addition to transfer duty.
You will be exempt if you’ve been in Australia for at least 200 days within the 12-month period before the date of the contract.