The surcharge purchaser duty for foreign persons acquiring residential property will be increased from 8% to 9%, effective from January 1, 2025. This change applies to new transactions, but transitional provisions allow some pre-existing contracts to be taxed at the previous rate.

The surcharge land tax for foreign owners of residential property increases from 4% to 5%, starting from the 2024 land tax year. This surcharge applies to the taxable value of all residential land owned by foreign persons.

the land tax thresholds will be frozen at 2024 levels. From 2025 onwards, the general land tax threshold remains at $1,075,000, and the premium rate threshold is set at $6,571,000. These thresholds will no longer automatically adjust with inflation, potentially increasing land tax liabilities for property owners over time.

A partial payroll tax exemption (amount to be determined by regulations) is introduced for general practitioners who bulk bill most of their services. Medical centres in metropolitan Sydney need to bulk bill at least 80% of services, while centres elsewhere need to bulk bill 70%. Additionally, payroll tax relief applies to unpaid payroll taxes for certain periods before September 4, 2024.

The NSW Treasurer will be able to transfer funds between certain government accounts if it promotes the objectives of the Government Sector Finance Act, improving the flexibility of fund management within the state’s financial system.