Foreign buyers NSW land tax surchargeThe 0.75% surcharge land tax for foreign buyers kicks in from 31 Dec 2016. This tax is applied on the taxable value of residential land owned by a foreign person at midnight on 31 December in any year commencing with 2016.The tax is separately assessed in relation to each parcel of land and is payable in addition to any land tax otherwise payable by a foreign person. There is no tax threshold to exempt land below the specified value nor any exemption for land occupied by a foreign person as a principal place of residence.For more details refer NSW Office of State Revenue website.
Northern Beaches Hospital Precinct Structure PlanThe draft Northern Beaches Hospital Precinct Structure Plan (Structure Plan) was released for public exhibition and feedback on 30 November 2016. The Council is inviting submissions on the draft plan through to 28 Feb 2017.
The draft Structure Plan is aimed at creating a sustainable future for the repositioning of Frenchs Forest to a Strategic Centre and guides potential future growth in the area over the next 20-30 years.
For a copy of the Structure Plan or to go to the Hospital Precinct Structure Plan website.
ATO withholding tax for $2m+ propertiesFrom 1 July 2016 Australian residents selling real estate with a market value of $2 million or more will need to apply for a clearance certificate from the Australian Taxation Office (ATO) to ensure amounts are not withheld from the sale proceeds.
Where a valid clearance certificate is not provided by settlement, the purchaser is required to withhold 10% of the purchase price and pay this to the ATO.
Where a foreign resident disposes of Australian real property with a market value of $2 million or above, the purchaser will be required to withhold 10% of the purchase price and pay it to the Australian Taxation Office (ATO) unless the seller provides you with a variation. Where the seller is not entitled to a clearance certificate, but believes a withholding of 10% is inappropriate, they can apply to the ATO for a variation.
Foreign buyers NSW duty changesThe NSW Budget introduced a 4 per cent surcharge purchaser duty on the purchase of residential real estate by foreign persons commencing on 21 June 2016. The surcharge is in addition to the duty payable on the purchase of residential property.
Foreign persons will no longer be entitled to the 12 month deferral for the payment of stamp duty for off-the-plan purchases of residential property.For more details refer NSW Office of State Revenue website
Council AmalgamationsOn 12 May 2016 the NSW Government has announced one Northern Beaches Council, combining Warringah, Pittwater and Manly Councils. Elections for new councils will take place on 9 September 2017. An Administrator and Interim General Manager have been appointed to oversee the implementation of the council through to the election. See attached Northern Beaches Council Boundary Information sheet (provided by NSW Land & Property) or connect to Warringah Council's website for more information.
Swimming PoolsFrom 29 April 2016 a copy of a valid certificate of compliance or non-compliance must attached to the sale contract for any property with a swimming pool or spa pool. A non-compliance certificate has the effect of passing the responsibility for the rectification of the swimming pool to the buyer who has 90 days after the purchase to undertake the required work. See NSW Office of Local Government Swimming Pool Information Sheet on the sale and lease provisions for properties with swimming pools or connect to the Fair Trading website for more information.
Underquoting LawsFrom 1 January 2016 new laws apply to the quoting of residential property prices by real estate agents. It is now an offence to publish or state a price for property that is less than the likely selling price contained in the agency agreement with the seller. These reforms are designed to stop real estate agents from understating property prices and in doing so mislead potential buyers. See NSW Fair Trading Underquoting Flyer or connect to Fair Trading.