NSW Higher Surcharge Purchaser and Land Tax Rates for Foreign Persons

Revenue Legislation Amendment Bill 2024

Legislative Assembly

Legislative Council

Assent

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Introduced by: The Hon Chris Minns MP (ALP) — Premier; The Hon Daniel Mookhey MLC (ALP)

Effects of this bill

If this bill passes, it means that:

Foreign persons pay a 9% surcharge purchaser duty rate for acquisitions on or after 1 January 2025
Foreign persons pay a 5% surcharge land tax rate on residential land owned at midnight on 31 December
The land tax threshold is set at $1,075,000; the premium rate threshold is $6,571,000
Employers of general practitioners get a payroll tax rebate for wages paid on or after 4 September 2024; this applies if the GP bulk bills most of their patients
Wages for general practitioners paid before 4 September 2024 are exempt from payroll tax
The Treasurer can transfer money between certain government funds
The Treasurer must review land tax thresholds by 1 June 2027; a report must be tabled in parliament

The Debate

What different members said when this bill was debated:

Damien Tudehope LIB

“I contribute to debate on the Appropriation Bill 2024 and cognate bills. The worst budget for the past 20 years has now been introduced to this place. It was adequately described in The Sydney Morning Herald by Alex Smith as a "very Labor budget". The Treasurer has delivered a Labor budget. I could not agree more.”

Official source →

Abigail Boyd GRN

“As The Greens Treasury spokesperson, I contribute to debate on the Appropriation Bill 2024, the Appropriation (Parliament) Bill 2024 and the Revenue Legislation Amendment Bill 2024. In the course of my contribution I will cover areas within my other portfolio responsibilities as well.”

Official source →

John Ruddick LIBT

“I contribute to debate on the Appropriation Bill 2024, the Appropriation (Parliament) Bill 2024 and the Revenue Legislation Amendment Bill 2024 to give the Libertarian Party’s response to the 2024‑25 New South Wales budget.”

Official source →

Courtney Houssos ALP

“Instead of responding to the contribution of the Hon. John Ruddick, I speak in support of the Appropriation Bill 2024, the Appropriation (Parliament) Bill 2024 and the Revenue Legislation Amendment Bill 2024. The budget outlines the Government’s plan to build a better New South Wales by rebuilding essential services, and funds a plan to address the housing crisis.”

Official source →

Amanda Cohn GRN

“I endorse and briefly build on the excellent contribution to debate by my colleague Ms Abigail Boyd, The Greens’ Treasury spokesperson. The Greens will be supporting the Appropriation (Parliament) Bill 2024, the Appropriation Bill 2024 and the Revenue Legislation Amendment Bill 2024.”

Official source →

Mark Latham IND

“I contribute to debate on the Appropriation Bill 2024 and cognate bills. Budgets should be useful for many things. This one, unfortunately, has just a single use: It tells us that as long as Labor is in power, the New South Wales budget will be in deficit and the New South Wales Government will be accumulating debt and paying off an even bigger interest bill.”

Official source →

Sue Higginson GRN

“I contribute to debate on the Appropriation Bill 2024 and cognate bills. I echo the concerns and comments raised by my colleague Ms Abigail Boyd, who leads for The Greens on all matters relating to Treasury and budgets. I make a preliminary note that we could probably solve the energy crisis if we captured some of the hot air that has been made contributing to this debate.”

Official source →

Daniel Mookhey ALP

“Damien Tudehope, who I listened to for 40 minutes. At the end of it I came to the conclusion that he probably did not like the budget. I think he made that point clear. I tried to follow most of his arguments and they can all be summarised with a famous Lewis Carroll quote: If you don’t know where you’re going, any road will take you there.”

Official source →

News articles and press releases

Revenue Legislation Amendment Bill 2024

Mr PAUL SCULLY, Minister for Planning and Public Spaces — 2024-06-18

From 4 September, GP practices that bulk-bill 80 per cent of their patients in metropolitan Sydney—and 70 per cent in the rest of the State—can claim a complete tax rebate for the payroll tax they otherwise would have had to pay for the wages of contractor GPs.