From July 1, foreigners who are not permanent residents will be charged an additional 3 per cent surcharge on stamp duty when they buy property in Victoria. An additional 0.5 per cent land tax surcharge will also apply to absentee property owners who are not citizens or permanent residents from 2016. The Victorian Government has not clarified exactly what a “foreigner” is however we believe it will also cover Australian companies that are majority foreign owned that purchase property in Victoria.
if there are any queries please do not hesitate to contact our office on 07 3394 2311.
