Your Investment Property forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Victoria slugs foreign buyers with stamp duty, land tax increases

Notify me of new replies via email
Your Investment Property | 22 Apr 2016, 07:48 PM Agree 0
Higher tax bills for foreign buyers could be "bad news" for Victoria's property market and economy as other locations become more attractive
  • Martin Kerrigan | 25 Apr 2016, 02:10 PM Agree 0
    “No Victorians will pay these surcharges. This is about ensuring foreign owners pay their fair share,” Victorian Treasurer Tim Pallas said.
    What about investors from other States? How will this affect them?
  • | 25 Jun 2016, 06:31 AM Agree 1
    This levy is unfair to married couples waiting permanent partner residency decisions. What was only a few years ago a decision made after 2 years of waiting has now been extended to a further 16 month wait from australian immigration. My husband has a fulltime job in australia and pays taxes here. We are first time home buyers and are being unfairly penalised by a 7% extra levy on cost of appartment we want to buy. The govt claims this money is to tax foreign buyers who do not contribute tax to australia. Yes, we could wait another year to buy for when he receives permanent residency but house prices go up as well.
    • | 01 Jul 2016, 03:28 PM Agree 0
      Could not agree with you more as I am in the same position. We work here, pay taxes, and we're fully intent on building a life in Australia--this levy unfairly penalises us. There should have been an exemption included in the new legislation for those on temporary partner visas. We're not the group this new levy was intended to target!
    • Kev | 06 Dec 2016, 07:47 AM Agree 0
      My Irish wife, only months away from PR and I just bought a house and signed the contract, got loan approval and paid for building inspection. On contacting the conveyancer they tell me we have to pay an extra 7% on top of the stamp duty. Now in our cooling off period we have to pull out of the contract because that extra $30,000 would have been used to renovate and improve the property. I'm 50 and thought I would finally have my own house. I spoke to SRO and they said there are no exceptions.
      The tradies we would have employed for the renovations now miss out. I don't think the government thought about the economic and personal consecquence of this levy.
  • | 27 Jun 2016, 05:53 PM Agree 0
    It doesnt make sense to me why states & governments around the world are highly taxing foreigners & effectively discouraging investment. Sure, tax the foreigners fairly, but dont tax them unfairly, such that they are chased away from investing. Stupid mentality. Investors will simply flock to other states / countries where the tax is fair & favourable & NOT where it is not. SIMPLE LOGIC.
Post a reply