Authority Update - NSW - OSR July News

As part of the 2017 State Budget, the NSW Treasurer, announced a range of measures to improve housing affordability and to provide assistance to small businesses. 

Changes to surcharge purchase duty and surcharge land tax were also announced. These measures received assent on 27 June 2017 and affect the following;

  • First Home Buyers Assistance 
  • Shared Equity Schemes 
  • New Home Grant Scheme 
  • Purchases 'off the plan' by investors 
  • Abolished duty 
  • First Home Owner Grant 
  • Foreign person surcharges 
  • Emergency Services Levy Act 2017
  • Electronic Transactions Legislation Amendment (Government Transactions) Act 2017
  • Updated purchaser/transferee declaration 
  • Work and Development Orders - new Guidelines 

They also published some hints and tips for;

  • Land tax and surcharge land tax 
  • Trustees of discretionary and hybrid unit trusts 
  • Payroll tax customers who declare fringe benefits 

For full detail and information for customer education activities they are hosting please visit http://www.osr.nsw.gov.au/sites/default/files/file_manager/revenews_201707.pdf

Read more of New South Wales Authority Updates

Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.