NO NEW STATE TAXES FOR FOREIGN PROPERTY INVESTORS

NO NEW STATE TAXES FOR FOREIGN PROPERTY INVESTORS

ADC commends the Queensland State Government for ruling out any increases in stamp duty or land tax for foreign investors in Queensland.

No new State taxes for foreign property investors

The Queensland Government has confirmed there will be no new State taxes for foreign property investors.

Yesterday, Treasurer Curtis Pitt made the announcement after the Victorian Government stated it will introduce a range of new property taxes for foreign investors.

The changes announced in yesterday’s Victorian State Budget include a three per cent stamp duty surcharge for house transactions from July 1, along with a land tax surcharge of 0.5 per cent to be applied from 2016.

The UDIA (Qld) welcomes the State Government’s decision to rule out any stamp duty surcharges and any land tax surcharge for foreign investors who purchase a house in Queensland.

Source: http://www.udia.com.au/ – 8th May 2015