Recent state taxes changes affecting foreign investors in land
Source: Taxation In Australia Journal Article
Published Date: 1 Jun 2017
The increases across Australian states in stamp duty and land tax have meant that foreign purchasers of land will now be subject to a surcharge. The changes make it more complex for foreign investors but are intended to improve housing affordability for Australians. The measures were kick-started by the Victorian Government, based on recent data findings suggesting that between 10 and 20% of new properties are bought by foreign buyers, putting pressure on supply and keeping many Victorian families out of the market. In subsequent years, other jurisdictions have also followed suit to impose a surcharge on foreign purchasers. It is important to note that the rules in each state vary and investors will need to be aware of these differences when responding to the changes. This article provides an overview of the changes in each jurisdiction and addresses the different rates, rules, commencement dates and definitions of who is foreign and what land is affected.
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Details
- Published By: Gabrielle Deal
- Published On:1 Jun 2017
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