Foreign Surcharge Purchaser Duty - Traps and Practical Insights (Substantive Law)

About the webinar: 

Revenue NSW’s recent compliance campaign targeting historical and current residential conveyances highlights the risk of undisclosed and unforeseen liabilities to foreign surcharge purchaser duty, leaving disgruntled clients pointing the finger at their advisers. This webinar examines how to properly detect and advise clients on foreign surcharge liabilities, including:

· Key points on the current foreign surcharge framework in NSW

o Who is a “foreign person”

o What is “residential land”

o Navigating the transitional provisions and exemptions

· Getting the due diligence right from the start

· Key traps to watch out for

· Your clients receive a compliance letter asserting they are liable to foreign surcharges on a conveyance you have acted in – what happens next?

o Remission of penalty tax and interest

o Professional indemnity issues