This all-in-one digital form enables a streamlined online process. Apply using the Foreign Transfer Tax Exemption Form – Developer Exemption Form or the Foreign Landowner Tax Exemption Form. Developer exemption form. As of 21 June 2016, all persons buying a property in New South Wales must sign a buyer`s declaration confirming that they are residents of Australia and provide proof in the form of birth certificates or citizenship certificates. The declaration allows the Office of State Revenue (OSR) to determine whether the buyer is a foreign person and is required to pay the additional 4% tax and property tax obligations imposed earlier this year, as well as to keep records of real estate transactions in New South Wales. Please note that the answers are for your general information only and we ask you to call our office on 02 6331 2911 for detailed legal advice for your individual situation. The following information will help you fill out a digital task form for your transaction. The Foreign Buyers Tax imposes an additional 7% tax on the tax value for certain transactions and acquisitions of land involving foreign persons or companies acquiring residential property in Western Australia. You must fill out an explanation form, even if you are not a foreign person. If you are a foreign person born before 1.
January 2019 has signed a contract for the purchase of real estate, but the property will be settled after this date, you are not responsible for the additional obligation if the names of the buyers match the names of the buyers on the contract or contract at the time of the transfer. Anyone who acquires land or an interest in a landowner must complete the appropriate declaration. If you would like more information about the process, do not hesitate to contact Rachael Thurn, we are here to help. If you become an Australian citizen before settling down and transferring ownership, request a reassessment of the bond. A customs duty may exist in the Indian Ocean territories as if it were Western Australia. See details of the agreement between Western Australia and the Commonwealth. If you acquire property with another person and only one of you is a foreign person, the foreign buyer`s obligation only applies to the extent of the purchase by the foreign person. Most transactions that would qualify for a nominal tax or exemption from transfer tax are exempt from foreign transfer tax if the person receiving the residential property is a foreigner.
This includes land acquired by foreign persons for residential complexes subject to foreign transfer duties. If the development produces 10 or more residential buildings or land on which 10 or more apartments can be built, we may reassess and refund the foreign transfer duties paid. For example, you buy a property for $500,000. The foreign buyer is a roommate (50% of the property`s share). Hot topic: Pay yourself property tax while building a house on free land?. . .