For all contracts entered into from 1 July 2016, the additional stamp duty that is payable on the purchase of a residential property within Victoria by a foreign purchaser rises from 3% to 7%.
The fees for some title dealings at Land Victoria have fallen from 1 July 2016:
However, the fees for transfers for considerations of $546,000 or greater have increased, for example:
If one or more of the vendors of a property sold on or after 1 July 2016 for $2,000,000 or more is a foreign resident (i.e. they do not have a clearance certificate issued by the Australian Taxation Office), then 10% of their share of the sale proceeds must be paid to the Australian Taxation Office at settlement.
Contact Glenferrie Conveyancing for more information.