Soon foreign buyers of real estate in Australia face new taxes as the two largest state government introduced stamp duty on real estate transactions. It is reported portal Propery Guru referring to the The Financial Times.
One of the reasons for the introduction of new taxes is an attempt to keep the cash flow from China, says The Financial Times.
Queensland and New South Wales introduced a stamp duty on real estate transactions for foreigners in the amount of 3% and 4% respectively. Starting next year, will also be introduced to additional land tax of 0.75%.
In April 2016, Victoria has also announced an increase in stamp duty for foreign property buyers from 3% to 7%.
Chief Treasurer of New South Wales Beredzhikloian Gladys said: "With the introduction of these measures in the real estate market continues to be attractive for foreigners, while we will be able to receive funding for necessary services in the future."
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