Queensland to tax the foreigners

Queensland to tax the foreigners
Queensland to tax the foreigners

The Queensland government will impose a 3 percent charge on foreign purchases of houses and apartments.

The extra tax follows Victoria's foreign investor surcharge which was recently increased to 7 percent.

The Baird government is preparing to introduce additional property taxes on foreign investors in its budget on June 21.

The Queensland treasurer Curtis Pitt said foreign investors would now have to pay an additional $10,962 on top of the existing $11,214 in transfer duty for a $365,000 house or apartment.

"This will ensure foreign purchasers of residential property, who benefit from government services and infrastructure, make a contribution to their delivery – as local buyers do," Mr Pitt told the Queensland Media Club in Brisbane on Thursday.

"We welcome mutually beneficial foreign investment. We are confident this surcharge – that does not affect Queenslanders – will also not affect the interest foreign investors have in sharing our state's economic strengths."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Stamp Duty Foreign Investors

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