Two of Australia’s biggest states are introducing taxes on foreign property buyers amid growing concern over the volume of Chinese money flowing into local real estate markets and a push to boost government revenues.
New South Wales and Queensland said yesterday they were introducing stamp duty charges for foreign buyers of 4 per cent and 3 per cent respectively. New South Wales will also levy a 0.75 per cent land tax surcharge on real estate investors from next year.
In April the state of Victoria increased an existing stamp duty charge for foreign buyers to 7 per cent.
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