Foreign investors hit with higher taxes

Foreign property investors in New South Wales will be hit with higher fees and taxes under proposed changes by the Berejiklian government. The measures are expected to raise nearly $2bn over the next four years to help the state’s struggling first-home buyers. According to the measures, which were outlined last Thursday, the Foreign Investor Surcharge Duty will be doubled from 4% to 8%, while the annual land tax surcharge on foreign property buyers will rise from 0.75% to 2% annually. Premier Gladys Berejiklian and Treasurer Dominic Perrottet are due to make an announcement about these changes, which will come into effect on July 1. Meanwhile, stamp duty is set to be axed for existing and ne


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