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QLD Additional Foreign Acquirer Duty Explained What is the Additional Foreign Acquirer Duty? AFAD is a surcharge applied on top of the standard transfer duty payable when a foreign person acquires residential land in Queensland It is specifically designed to ensure that foreign investors contribute a fair share to the tax system, especially when they benefit from Queensland’s robust infrastructure and residential market It applies to
Additional Foreign Acquirer Duty (AFAD) – What you need to know We are often asked what is Additional Foreign Acquirer Duty (AFAD)? AFAD is applied under the Duties Act 2001 (Act) and is a state based tax that applies to any foreign persons who buy residential land in Queensland
Queensland Government’s Additional Foreign Acquirer Duty The Queensland Government imposes an 8% duty on residential land and property transactions that are liable for transfer duty, landholder duty, or corporate trustee duty It applies to all transactions signed on or after 1 October, 2016 How does the Additional Foreign Acquirer Duty work? The Additional Foreign Acquirer Duty (AFAD) works as a state government-levied charge to foreign
QLD Budget | Foreign owner duty land tax surcharge On 11 June 2024, the Queensland Government released its 2024-25 budget with plans to increase the additional foreign acquirer duty and foreign owner land tax surcharge The Queensland Government will increase the rate of the additional foreign acquirer duty (AFAD) from 7% to 8% from 1 July 2024,
Buying Residential Property in Queensland as a Foreign Acquirer Additional Foreign Acquirer Duty Additional Foreign Acquirer Duty (AFAD) is an extra duty which is payable by foreign acquirers when obtaining an interest in residential property in Queensland AFAD is paid in addition to any transfer (stamp) duty already payable on the transaction and is currently charged at 7%
Understanding Additional Foreign Acquirer Duty (AFAD) for Residential . . . Understanding Additional Foreign Acquirer Duty (AFAD) for Residential Land in Queensland As a foreign buyer interested in Queensland’s property market, it is crucial to understand the Additional Foreign Acquirer Duty (AFAD) and how it may affect your property acquisition
FOREIGN BUYERS OF PROPERTY IN QUEENSLAND FOREIGN PURCHASERS BEWARE! Who . . . AFAD only applies to the extent of the foreign purchaser’s interest For example, if there are 3 individual buyers as equal co-owners of land but only 1 is a foreign acquirer, the AFAD will only apply to the extent of that foreign acquirer’s 1 3 interest
Foreign buyers to pay duty surcharge in Queensland: Real estate . . . The Queensland Treasurer announced in the State Budget on 14 June 2016 that foreign buyers of residential real estate in Queensland will 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 AFAD will be introduced under the Duties and Other Legislation Amendment Bill