Visit Our
Family Law Site
Click Here
In the 2016 Queensland State Budget the Treasurer announced an intention to amend the Duties Act 2001 (QLD) to introduce additional transfer duty to foreign acquirers, to be known as Additional Foreign Acquirer Duty (“AFAD”). This new duty commences 1 October 2016. What is AFAD? AFAD is an extra amount of duty that applies to […]
In the 2016 Queensland State Budget the Treasurer announced an intention to amend the Duties Act 2001 (QLD) to introduce additional transfer duty to foreign acquirers, to be known as Additional Foreign Acquirer Duty (“AFAD”). This new duty commences 1 October 2016.
AFAD is an extra amount of duty that applies to transactions that are liable for transfer duty, landholder duty or corporate trustee duty under the provisions of the Duties Act 2001, when foreign purchasers acquire certain residential land.
AFAD residential land is land in Queensland that is, or will be, used solely or primarily for residential purposes where certain conditions are met. AFAD residential land includes:
Residential properties such as retirement villages and students accommodation will be considered on a case-by-case basis.
Land used for hotels and motels is not AFAD residential land.
Transfer duty concessions for your home, first home, or first home vacant land and family business do not apply to AFAD.
AFAD applies as additional duty on top of the usual transaction duty at a rate of 3% of the dutiable value of the AFAD residential land.
Please check out some other important articles from our blog:
Contact
United Service Club
Level 4, 183 Wickham Terrace, Brisbane QLD 4001
Free: 1800 217 217
Phone: 07 3236 0001
Fax: 07 3236 0005
Email: mail@aylwardgame.com.au