I was reading the SMH today only to find out that now the NSW Government wants to take a dig at investors copying the recent Victorian state tax hikes.
"NSW Treasurer Gladys Berejiklian that foreign buyers of residential property will be slugged with a 4 per cent stamp duty surcharge from next week and pay an extra 0.75 per cent land tax from 2017
The stamp duty surcharge will apply from the June 21 state budget, while the land tax surcharge will take effect from January 1, 2017"
Now here is the real question.......none of this legislation has been drafted for review yet (apart from the reporters claims of his understanding of the proposals).
eg are they going to use citizenship as the basis for "foreigner" definition OR are they going to use the Victorian "Absentee Owner" style of definition?
More on this here at - https://propertychat.com.au/community/threads/nsw-stamp-duty-surcharge.11522/#post-232579
Its interesting to see how quickly "investor" has become a dirty word even though the same effect happens if I was to invest in equities which drives up P/E and drives down yield in your superannuation fund.
Of course what do I know....I'm not running the country.
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