All persons entering into a transaction that results in the acquisition of land or interest in land in NSW on or after that 21 June 2016 must, from 18 July 2016, complete the Purchaser Declaration.
The declaration must be lodged with any document assessed for duty dated on or after 21 June 2016. Where a transaction has more than one purchaser or transferee, each purchaser or transferee must complete their own declaration.
The declaration operates to determine whether the transaction involves a foreign resident purchaser in order to determine the duties and land tax applicable. This follows the commencement of the surcharge purchaser duty and surcharge land tax introduced for foreign buyers of residential land from 21 June 2016, in addition to duty payable on purchases.
The declaration also serves to report to the ATO information on land transfers in NSW pursuant to Commonwealth reporting requirements.
Source: Office of State Revenue website, 13 July 2016.