From 1 July 2018, you will find it more difficult to sell your house, land or apartment to foreign buyers.  Foreign people buying residential real estate in Queensland now pay even more duty to the Office of State Revenue (OSR) for the Queensland Government.

We have previously written about Additional Foreign Acquirer Duty (AFAD) – the additional duty paid by foreign persons when buying residential real estate.  Similar laws exists throughout Australia.

AFAD commenced on 1 October 2016, when an additional 3% of the purchase price was added to the amount of duty payable by foreign buyers.

From 1 July 2018, AFAD increases to 7%.

AFAD is an additional amount, as the foreign buyer is also required to pay the standard transfer duty which is payable by Australian citizens and permanent residents.

The Office of State Revenue has provided guidance as to how New Zealand citizens buying property will be treated in relation to AFAD.