If you are a New Zealand citizen and you are buying a property in Queensland, you will probably be aware that because of reciprocal arrangements between Australia and NZ you are not required to apply to the Foreign Investment Review Board for approval to buy a property. You may not be aware however that in some cases you will be required to pay additional Transfer/ Stamp Duty (up to 3%). The rule is that if you are a New Zealand Citizen residing in Australia and hold a special category visa under the Migration Act 1958 (which most New Zealanders’ do) then Additional Foreign acquirer duty ( “AFAD”) will not be payable.
If however you are a New Zealand citizen residing in New Zealand and enter into a contract for the purchase of land in Queensland then you will not be a holder of the special visa and therefore will be required to pay AFAD.
If your plan is to take a plane trip to sign the contract and avoid paying the duty, think again! AFAD will also apply if the evidence indicates that the purpose of entry into Australia is to avoid paying AFAD by obtaining a special visa.
For more detailed information or advice, please contact one of our experienced, qualified property professionals today :
☎ 07 3844 0188 📩 email@example.com