Stamp Duty For Foreign Purchasers Of Queensland Residential Real Estate To Rise By 3%

The Queensland State Treasurer has announced that the Queensland Government intends to increase the rate of stamp duty payable by foreign persons if they buy residential real estate after 1 October 2016.

This amendment to the stamp duty law has been introduced to the Queensland Parliament but the details have yet to be published by the Office of State Revenue.

Foreign buyers of residential real estate in Queensland who sign a contract from 1 October 2016 should factor into their costs an additional 3% of their purchase price for stamp duty.

Simon Chan, Owner/Partner of Hickey Lawyers, will be investigating the impact of this additional charge on foreign buyers of residential real estate.  An additional tax is never welcome, however Australian real estate is still an attractive proposition for overseas investors.

With the recent introduction of foreign resident capital gains withholding tax regime and previous changes to the policies of the Foreign Investment Review Board, it is now even more important that overseas investors obtain the best and most up to date legal advice.

Simon has a team of lawyers with experience in acting for overseas investors in Queensland property transactions.  Julie Lee and Michelle Ho are both lawyers who assist Simon and keep Hickey Lawyers’ clients up to date with changes in this area.  They are also fluent in Mandarin and Cantonese.

Any queries about the impact of the new stamp duty rate for foreign purchasers of residential real estate should be directed to Simon Chan, Julie Lee or Michelle Ho.