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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...
