Tax Insights

Insights

New South Wales and Queensland property tax increases for foreign owned land

Tax insights

On Tuesday, 14 June 2016 both New South Wales and Queensland announced property tax increases for foreign purchasers of residential land.

In New South Wales, the government announced a 4% stamp duty surcharge to apply from 21 June 2016 for foreign purchasers of residential real estate (this brings stamp duty from 5.5% or 7% for premium properties to 9.5%/11% for foreign purchasers). Also, a 0.75% annual surcharge for land tax for foreign owned land will apply from the 2017 land tax (bringing the top rate from 2% to 2.75%).

In Queensland, the government announced a 3% stamp duty surcharge to apply from 1 October 2016 for foreign purchasers of residential real estate (this brings stamp duty from 5.75% to 8.75%).

New South Wales and Queensland property tax increases for foreign owned land
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