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Additional Foreign Acquirer Duty

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...

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off the plan olsen lawyers

When Buying Off The Plan Doesn’t Go To Plan

When Buying off the plan doesn’t go to plan – changes to my disclosure statement, can I terminate? Choosing to buy a property off the plan means you are entering into a contract before the construction has been completed or commenced. Changes in market conditions or other changes during construction can mean things don’t always go as planned. Difference between buying off the plan and a standard contract for sale Most standard contracts of sale settle in thirty to sixty days. Buying...

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Federal Budget 2018: Implications for Vacant Land Owners

Vacant land owners in Australia were the subject of tax incentive cutbacks in this year’s budget. The measures are set to reduce tax incentives for vacant land owners, who will be unable to claim certain expenses, such as interest and maintenance costs associated with the property in income tax returns. This is estimated to save $50 million, discourage “land banking” and increase the supply of land in the property market. What is “Land Banking”? “Land Banking” describes real estate investment involving...

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