QLD's new Additional Foreign Acquirer Duty
The QLD State government implemented more changes than any other state or territory this year in relation to property ownership and acquisition in the Sunshine State. One of the key changes is the news that foreign buyers of QLD based real estate will from 1 July 2018 be hit with a 7% transfer duty, formerly known as stamp duty, up from only 3%. This new duty rate will apply to foreign buyers regardless of legal ownership structure.
In other news likely to frustrate property owners confirmation has been given by the QLD State government that water and rates are expected to increase in the 2019 financial year.
Additionally, those holding QLD based land valued over $10,000,000 will now pay an additional .25% annually in land tax. The new rate for such holdings is 2.5%.