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Immigration Lawyers Melbourne

Additional Stamp Duty for Foreign Purchasers

When you buy or acquire a property in Victoria, you must pay land transfer duty (otherwise known as stamp duty) unless an exemption applies.
The State Taxation Acts Amendment Act 2015 (Vic) amended the Duties Act 2000 (Vic), and consequently from 1 July 2015, a “foreign purchaser” (a person who is not an Australian citizen or permanent resident of Australia or New Zealand citizen on a subclass 444) who purchases residential property in Victoria must pay an additional 3 per cent stamp duty.
This additional duty applies to contracts, transactions, agreements and arrangements entered into and settled on or after 1 July 2015.
The additional duty applies to any arrangement or transaction that involves the transfer of interest in residential property, including the purchase of residential property, being given residential property as a gift, certain leasing arrangements and transfers of interests in a deceased estate. The additional duty also applied even if the “foreign purchaser” is only acquiring a part interest in the property.

Phone Erskine Rodan & Associates
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