NSW Government to hike foreign investors tax
Foreign property investors targeted in forthcoming housing affordability measures.
The state government is expected to announce a housing affordability package this morning, with measures to increase housing supply and help first home buyers, according to the ABC.
Key among the measures will be an increase in stamp duty for foreign investors.
Last year the NSW Government introduced a 4% stamp duty surcharge for foreign investors. The ABC reports the new measures will include increasing this surcharge to 8%.
The new affordability measures will also reportedly include changes to first home buyer grants, though the nature of these changes are unclear. Currently, the grant only applies to new properties up to $750,000.
The package is also understood to contain changes to stamp duty concessions for first home buyers. Current arrangements exempt first home buyers from stamp duty for new homes up to $650,000. This concession will likely be extended to established housing.
The measures will be brought before cabinet today and officially revealed later this morning.