Australia

Australia

Territorial subdivisions of Australia introduced new fees and taxes for foreign buyers of land

01 Jul 2016

Three territorial subdivisions of Australia – New South Wales, Queensland and Victoria – introduced, increased or announced additional stamp duties applicable to foreign acquirers of residential real estate. The conditions under which the “additional foreign acquirer duties” apply vary among the States; in Victoria, acquisitions by New Zealanders are exempted; in New South Wales, New Zealanders who are ordinarily resident in Australia are not subject to the surcharge purchaser duty, either. In addition, Victoria and New South Wales have introduced land tax surcharges of foreign owners of real estate.