Property industry welcomes news on foreign investor tax exemptions
The Property Council of Australia has welcomed the release of further information from the Queensland Government on an exemption framework for their Additional Foreign Acquirer Duty.
With just over two weeks until the new 3 per cent stamp duty surcharge is due to come into effect, Queensland Executive Director of the Property Council - Chris Mountford - says important details about the ex gratia exemption guidelines have been revealed not a moment too soon.
The Government has announced that exemptions will be available for projects that receive ‘significant development’ status.
“Queensland-based development companies who are considered foreign-owned under the legislation will be relieved to see they will now be able to seek relief from the new tax,” Mr Mountford said.
“These companies contribute to the Queensland economy, create jobs for Queenslanders and add significantly to the state’s housing stock.”
“While their foreign customers will still have to pay the tax, the impact of the new surcharge on the economy and the property industry will be reduced by these changes.”
The Property Council had worked extensively with the Government over the last few months to create an exemption framework that would limit the impact of the new tax on Queensland-based companies.
“While the Property Council remains strongly opposed to the tax in its entirety, we congratulate the Treasurer on his collaborative approach to working with stakeholders on these exemptions,” Mr Mountford said.
“The industry now looks forward to seeing the full details of the exemption framework.”