The New South Wales (NSW) Chief Commissioner will release guidelines of the proposed developer rebate for NSW states taxes surcharges, apparently being expanded based on a bill introduced in NSW. The new bill would expand the scope of the New South Wales stamp duty refund and allows for an up-front exemption for “reputable developers” of real estate.
Foreign owned acquirers and owners of NSW land are charged significantly higher rates of stamp duty and land tax. Similar surcharges apply in most other states. Consistent with its policy of increasing the supply of new homes, the NSW government passed legislation providing for a refund of these surcharges for certain developers (although its provisions are not effective).
A new bill has been released that would expand the scope of the refund and even allow an up-front exemption for “reputable developers.”
Read an October 2017 report prepared by the KPMG member firm in Australia
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