In our blog published on 14 June 2015 we outlined the surcharge in stamp duty and land tax for foreign purchases of property in Victoria. From 1 July 2016 the stamp duty surcharge rate increased from 3% to 7%.
Queensland and NSW have recently introduced a similar surcharge. From 1 October 2016 a purchase of property in Queensland by foreign purchasers will be subject to a 3% stamp duty surcharge. NSW introduced a surcharge of 4% on stamp duty for foreign purchases from 21 June 2016.