This article is from the Australian Property Journal archive
OFFSHORE investors buying residential property in Queensland will pay a 3% tax, under changes proposed by the state government.
Treasurer Curtis Pitt said the 3% transfer duty for foreign buyers will come into effect from July 01.
The surcharge is expected to raise $15 million in the first year and $25 million a year after that, according to the Treasurer.
QLD is following in the footsteps of Victoria, which introduced the surcharge in July last year.
Recently the Victorian government raised the stamp duty from 3% to 7%, as well increased the land tax surcharge on absentee owners from 0.5% to 1.5%.
The Victorian government measures are expected to raise an extra $486 million for state’s coffers over the next four years.
The New South Wales government is expected to announce a surcharge for foreign buyers of residential property in its state.
Australian Property Journal
