Do you know foreign owners of residential land in NSW, must also pay a surcharge land tax without the threshold (e.g. $822,000 for FY2022) and that the surcharge land rate is going up from 2023.
You’re generally considered a foreign person, unless:
- you're an Australian citizen; or
- you've lived in Australia for 200 days or more in the 12 months prior to the taxing date of 31 December, and you're:
- a permanent resident of Australia, or
- a New Zealand Citizen, who holds a subclass 444 visa.
The surcharge land tax rate (in addition to any land tax you may already pay) is:
- 0.75 per cent from the 2017 land tax year, and
- two per cent from the 2018 land tax year, and
- four per cent from the 2023 land tax year onwards.