Frasers caught in wave of property taxes for property

Frasers caught in wave of property taxes for property
Frasers caught in wave of property taxes for property

New stamp duty and land tax surcharges imposed on foreign buyers of residential property in NSW, Victoria and Queensland could have repercussions for Frasers Property Australia.

Its boss Rod Fehring has noted they might affect all foreign-owned property owners and developers operating in Australia, including Frasers Property Australia, the former ASX-listed Australand business, which is now wholly owned by Singapore-listed and Thai-controlled Frasers Centrepoint.

In NSW, foreign buyers will be hit with a 4 percent stamp duty surcharge from June 21 and 0.75 percent land tax surcharge starting in 2017.

Queensland's 3 percent stamp duty surcharge commneces on October 1.

Both are following Victoria which will raise its existing 3 percent stamp duty surcharge and 0.5 percent land tax surcharge to 7 percent and 1.5 percent respectively on July 1.

Developers can apply for exemptions in Victoria, but these are at the discretion of Treasurer Tim Pallas to be deemed resident or non-resident.

The treasurers in NSW and Queensland are yet to announce any exemptions.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Stamp Duty Taxation

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