subscribe to our newsletter
SA goes against foreign investor tax

SA goes against foreign investor tax

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

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.”

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.

[Related: Foreign buyer tax 'playing on xenophobia']

 

SA goes against foreign investor tax
mortgagebusiness logo

Latest News

Wealth management specialist Geoff Lloyd has been announced as the new chief executive of MLC, following NAB’s decision to exit its wealth...

Not a single bank boss made it into the top 10 list of the Australian Council of Superannuation Investors’ CEO Pay survey for 2017–18. ...

The removal of APRA’s “redundant” cap on investor lending is unlikely to prompt a rebound in investor credit growth amid continual sof...

Promoted Stories

podcast

LATEST PODCAST: Wayne Byres on mortgages, trusted brands and broker remuneration

Do you expect access to credit to get harder this year?