ANNOUNCEMENT 01 Jul 2015In July 2015, the government of Australia announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Information from the State Revenue Office of Victoria
On 1 July 2015, the Australian state of Victoria introduced an additional stamp duty tax of 3% on foreign property owners. Starting 2016, foreign owners will also have to pay an additional land tax surcharge of 0.5%, if they do not occupy the purchased real estate.
Permanent Australian residents and New Zealand nationals will be exempt from the tax hikes.
On 22 April 2016, the state further raised its duties on foreign property owners, which shall apply starting 1 July 2016 (cf. Related Measures). Hence, this measure is no longer classified as implemented.