QUEENSLAND, AUSTRALIA: LATEST STAMP DUTY FOR FOREIGN BUYERS
2017-02-15
Foreign buyers of residential real estate in Queensland are required to pay an additional 3 per cent duty surcharge on acquisitions of specified residential property in Queensland, called Additional Foreign Acquirer Duty (AFAD), from 1 October 2016.
Apart from the below Transfer Duty, foreign buyers now pay an extra amount of duty that applies to transactions that are liable for transfer duty, landholder duty or corporate trustee duty.
| Dutiable Value | Duty Rate |
| Not more than $5,000 | NIL |
| More than $5,000 up to $75,000 | $1.50 for each $100, or part of $100, over $5,000 |
| $75,000 to $540,000 | $1,050 plus $3.50 for each $100, or part of $100, over $75,000 |
*Australian dollars
Example
A foreign individual signs a contract to buy a house with a dutiable value of $365,400. The house will be an investment property, so they don't qualify for a home concession. The individual is a foreign person and liable for additional foreign acquirer duty.
| Dutiable Value $365,400 |
Duty Calculation | Duty Payable |
| Before 1 Oct 2016 | $1,050 (for the first $75,000) + $10,164 ($3.50 for every $100 in $290,400) |
$11,214 |
| After 1 Oct 2016 | $11,214 + ($365,400 × 3%) | $22,176 |
*Australian dollars
The foreign buyer pays $10,962 on top of the Transfer Duty summing up to $22,176 in total.