Powered by MOMENTUM MEDIA
research
1 minute read

Foreign investors given lifeline in South Australia

Foreign investors given lifeline in South Australia

by Huntley Mitchell | July 11, 2016 | 1 minute read

South Australia has decided not to follow NSW, Queensland and Victoria in imposing surcharges on foreign property investors as part of its state budget.

July 11, 2016

Daniel Gannon, executive director for South Australia at the Property Council of Australia, said the state now has another competitive advantage when it comes to property-based taxes.

“The message to investors is now very clear: if you want to pay lower taxes on property transactions, then invest in South Australia,” he said.

“Slapping counter-productive taxes on foreign investment is a great big risk for housing supply in our major capital cities.

“What we’re seeing in Queensland, Victoria and NSW is a race to the bottom on populist taxes that fail to address housing supply or improve affordability.”

Advertisement
Advertisement

As part of its state budget, the NSW government recently introduced a 4 per cent stamp duty surcharge for foreign buyers, while the Queensland government introduced a 3 per cent surcharge and Victoria increased its stamp duty tax from 3 per cent to 7 per cent.

share the article

Subscribe to get the latest news and updates - join a community of over 80,000 property investors.

Check this box to receive podcast updates

From the web

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.