Property Tax Update

Recent changes to land tax and duties will impact foreign property owners.

2017-03-02

There has recently been significant changes to land tax and duties in Victoria, New South Wales and Queensland. This will have an impact on foreign owners investing in certain property, either directly or indirectly. 

To summarise these changes, we have created the below tables to summarise the foreign owner land tax and duty surcharges that apply in Victoria, New South Wales and Queensland:

Foreign owner land tax surcharges

Foreign owner duty surcharges

We note that the Victorian foreign owner land tax surcharge applies to all land (not just residential land). However, Victoria does provide an exemption for Australian based foreign owners who make significant contributions to the Victorian economy.

Further, Victorian foreign owner duty surcharge allows an exemption where it can be shown that the commercial activities add to the housing stock in Victoria.

Foreign owners who fit within either of these categories should contact either Stephen O’Flynn or Abi Chellapen to discuss their ability to claim an exemption from these surcharges.

Stephen O'Flynn
Partner, Tax
E soflynn@shinewing.com.au