Property Tax Update
Recent changes to land tax and duties will impact foreign property owners.
Most States across Australia tinkered with their foreign owner land tax and duty regimes as part of their last budget. None of these changes were good for foreign investors. These changes mainly impact residential property but they also impact on commercial property in some states.
We have updated our tables to summarise the foreign owner land tax and duty surcharges that apply in Victoria, New South Wales, Queensland, Australian Capital Territory (foreign purchaser land tax only), South Australia (foreign purchaser duty only), Western Australia (foreign purchaser duty only) and Tasmania (foreign purchaser duty only):
Most States provide an exemption for Australian based foreign owners who are significant developers or make significant contributions to the State’s economy.