Additional Foreign Acquirer Duty
Additional Foreign Acquirer Duty - What You Need to Know! Additional foreign acquirer duty (AFAD) is an additional duty that applies to foreign acquirers purchasing residential property in Queensland. From 1 July 2018, the Queensland Government increased the AFAD amount from 3% to 7%. This means that a foreign person now needs to pay an additional 7% transfer duty to the Government when acquiring residential land in Queensland. Who has to pay AFAD? AFAD applies to “foreign persons” who include: Foreign individuals – an individual...
