A foreign purchaser buys a residential property in Victoria for $1,200,000. In addition to standard land transfer duty, what additional duty applies?
Correct Answer
B) Foreign Purchaser Additional Duty (FPAD) at 8% of the dutiable value
Foreign purchasers of residential property in Victoria are subject to the Foreign Purchaser Additional Duty (FPAD) at the rate of 8% of the dutiable value, in addition to the standard land transfer duty. This duty is administered by the State Revenue Office under the Duties Act 2000.
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A foreign investor purchases a residential property in WA for $800,000. In addition to the standard transfer duty and the 7% foreign buyer surcharge, what other approval might they need?
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