Some Australian states introduced or increased surcharges on foreign owners and acquirers of residential real estate

South Australia and New South Wales introduced or increased surcharges on foreign owners and acquirers of residential real estate:

• South Australia introduced a 7% stamp duty surcharge on foreign acquirers of residential real estate as of 1 January 2018.

• New South Wales, which had introduced surcharges on stamp duty for foreign acquirers of residential real estate in 2016 and increased land taxes on foreign-owned residential real estate in 2017, increased the land tax surcharge to 2% as of 1 January 2018, up from 0.75% in the preceding year; the purchaser duty surcharge has been increased to 8% through a change in the Duties Act, section 104U, effective on 1 July 2017.

• Type:

  • Entry and establishment (Access to land)

• Industry:

  • Not industry specific

• Sources:

  • Government of South Austrailia, Foreign Ownership Surcharge, https://www.revenuesa.sa.gov.au/taxes-and-duties/foreign-ownership-surcharge, 16 May 2018
  • NSW Government, Land tax surcharge, http://www.revenue.nsw.gov.au/taxes/lts, 15 May 2018
  • Allens, FOCUS: FOREIGN STAMP DUTY SURCHARGE OF 7 PER CENT INTRODUCED IN SOUTH AUSTRALIA, https://www.allens.com.au/pubs/tax/fotax23jan18.htm, 23 Jan 2018