Foreign purchaser duty and land tax surcharge in Australia
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 email@example.com or call +61 7 3221 9444.
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