Foreign property investors are subject to varying surcharge rates of duty and land tax across the different jurisdictions in Australia.
- New South Wales, Victoria and Queensland impose a surcharge rate of duty on foreign purchasers of residential land.
- Legislation has been introduced in South Australia to introduce surcharge duty on foreign purchasers of residential land and the Western Australian State Government has indicated that it intends to introduce a similar surcharge.
- New South Wales imposes a surcharge rate of land tax on foreign owners of residential land and Victoria on foreign owners of all land subject to land tax.
- Victoria imposes an additional surcharge on vacant residential land and the Federal Government intends to introduce a similar measure.
Foreign Purchaser Duty Surcharges:
NSW – New South Wales is 4%
VIC – Victoria is 7%
QLD – Queensland is 3%
SA – South Australia (proposed) 4%
Note differing definitions of Residential property applies in each state as is the definition of a Foreign buyer.
Land Tax surcharges currently apply in NSW 0.75% and Victoria 1.5%.
For further information contact Noé at firstname.lastname@example.org or call +61 7 3221 9444.
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