Increase to the Foreign Person Surcharge
The Foreign Person stamp duty surcharge will be increased from 4 per cent to 8 per cent for all contracts exchanged after 30 June 2017.
For more information on the Foreign Person Surcharge please see here.
New First Home Owner Grants and Exemptions
From 1 July 2017, first home buyers will:
- be exempt from stamp duty for all properties (new and old) worth up to $650,000
- receive a stamp duty discount for all properties (new and old) worth up to $800,000
- be subject to a stricter First Home Owner Grant regime.
Abolishment of the 9 per cent stamp duty on lenders mortgage insurance
The 9 per cent insurance duty on lenders mortgage insurance will be abolished from 1 July 2017.
CHANGES TO AUSTRALIA'S FOREIGN RESIDENT CAPITAL GAINS TAX (CGT) REGIME
From 1 July 2017:
- the CGT withholding rate for foreign tax residents will be increased from 10.0 per cent to 12.5 per cent
- the CGT withholding threshold for foreign tax residents will be reduced from $2 million to $750,000.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.