From 1 October 2016 there will be a new tax on foreign investment in residential land in Queensland. Following on from the introduction of a similar tax in Victoria in 2015, Queensland and New South Wales have now introduced their own version of the foreign investor surcharge.
The ‘additional foreign acquirer duty’ (AFAD) will add an additional 3% to the stamp duty payable on the purchase of residential property in Queensland by foreign investors. Duty in Queensland is currently charged on a sliding scale up to 5.75%. With the additional charge, this will rise to a maximum duty rate of 8.75% for foreign purchasers of residential land.
View Original: https://www.mccullough.com.au/publications/f/View/250367/