This much delayed change means stamp duty will no longer be payable on agreements entered into on or after 1 July 2016 on transfers of:
- goodwill of businesses;
- intellectual property used in NSW;
- statutory licenses such as taxi licences and gaming machine entitlements.
Duty has also been abolished on transfers of:
- shares in NSW companies;
- units in a unit trust
Imposition of duty
From 21 June 2016 foreign buyers of residential property in NSW will pay a 4% stamp duty surcharge and an extra 0.75% land tax from 1 January 2017. This duty will be payable on all contracts entered into on or after 21 June 2016. 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.
From 1 January 2017 foreign buyers of residential property in NSW will pay an extra 0.75% land tax.
These 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.