Property Tax Rise for Foreigners in Australia
Image credit: Triple Net Lease Company (Flickr)
Australia’s biggest states introduce new taxes on foreigners buying real estate in Australia.
New South Wales and Queensland authorities recently announced new stamp duties for foreign buyers of 4 per cent and 3 per cent effective from Jul 1 2016. NSW will levy a 0.75 per cent land tax surcharge on real-estate investors starting from next year.’ In April the state of Victoria increased an existing stamp duty charges for foreign buyers of property to 7 per cent.’
Real Estate lobby groups warned that the new “populist foreign taxes” would hit supply and do nothing to make property more affordable for Australians.
Property Council of Australia’s chief of policy, Glenn Byres stated:
“Let’s call this for what it is — a cash grab from states prepared to play to the crowd on foreign investment and put at risk Australia’s reputation on the global stage,”
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