"Chinatown"-Official media of Chinese Australians

Tips

Dear Australian property investors:

Starting from July 7, Australia will add additional taxes and fees to overseas property investors, and bank loan conditions will also become stricter.

Therefore, please tell your relatives and friends to seize the last short time and take advantage of the good time when Australian interest rates and exchange rates are at the lowest historical levels to sprint the Australian real estate market.

Your wise choice will save you up to tens of thousands of Australian dollars.

Increased taxes and fees for overseas property investors

1. An additional 3% stamp duty will be collected;

2. An additional 0.5% land tax;

3. To purchase a house under 100 million Australian dollars, pay an application fee of $5000;

4. 购买超过100万澳元的房产,多于100万澳元的部分每100万就要交1万澳元的申请费(例如,购买350万澳元的房产,就要缴纳2万澳元申请费)。

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Voice from the government

The Victorian Minister of Finance said: "It is very unfair that overseas buyers have not made any contribution to public services and infrastructure construction."

He believes that "the reason why buyers are flocking to Melbourne is because they look at the beautiful environment of the city and its surrounding suburbs. If you want to settle here, you must make a corresponding contribution to it. These additional fees are a kind of make up".

At the same time, the Minister of Finance also believes that these additional costs are too small and will not affect overseas buyers at all.

The federal government will also announce more measures to combat illegal investment behavior of overseas buyers, and penalties for such behavior will become more stringent.

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Penalties for offenders

Implement stricter civil and criminal penalties (it needs to be understood and noted that some criminal penalties existed in the bill for a long time, but they were not implemented), especially for third parties such as intermediary companies, lawyers and other facilitators. Punishment

Buyers: If foreign buyers are found to be in violation of the law, they will be ordered to pay 25% of the property value as a fine and forced to sell the property; if they make illegal investments in the name of a company, the company will face a fine of 63.75 Australian dollars.

Helping offenders: Individuals who help overseas home buyers to operate illegally will be fined up to A$4.25.

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Hot Question Answer
1Can overseas people buy Australian real estate?

Answer: Yes, but according to the current regulations, foreigners need to obtain the approval of the Australian Foreign Affairs Bureau (FIRB) to buy a house in Australia. The latest regulations are as follows:

1) The purchase of a brand new property is the same as an Australian citizen without special restrictions. The definition of a new house is "off-plan and existing houses that have not been sold and have not been used for more than 12 months."

In other words, it can only be real estates purchased from the developer’s sales company or agency company, existing houses or model rooms that have been used for less than a year.

2) You can buy second-hand houses, but you need to hold a visa that allows you to live in Australia for more than 12 months, such as student visa, 188 visa, etc.;

After the house is built, it should be used for investment purposes such as self-occupation rather than renting; the buyer's visa expires without applying for a new visa, such as leaving Australia permanently, the second-hand house bought must be sold.

3) Overseas people who purchase commercial projects such as shops, offices, development projects, farms and pastures, are not subject to the above restrictions, whether they are new or old.

4) Australian citizens and permanent residents working overseas, including New Zealand citizens and permanent residents, are not subject to the above restrictions when buying second-hand houses in Australia.

Why does the government regulate real estate?

The above latest regulations convey the Australian government's policy orientation in regulating the real estate market-letting go and letting go:

One is that overseas people are more open to buying new real estate than ever before to support the healthy development of real estate, construction and related industries.

The second is to tighten the speculative speculation of overseas hot money on second-hand housing, avoid the real estate bubble, and implement the consistent policy of home ownership.

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2Is there a limit on the number of houses purchased by overseas residents

Answer: There is no limit to the number of new houses.

3Can overseas investors develop land?

Answer: Although the Australian government does not approve foreigners to purchase second-hand real estate, it welcomes foreigners to invest and develop residential real estate. The method is to first apply for the plan from the government agency.

Example: One method is to rebuild residential properties: investors can rebuild and increase the number of houses at the end of the economic life of the property. Similarly, the government also stipulates that the cost of reconstruction should exceed XNUMX% of the purchase price of the old house.

4Can the legal rights of overseas people after buying a house in Australia be protected?

Answer: Yes. Your property in Australia is fully protected by the same laws as local people. According to Australian law, your ownership of the property is for life, and there is no inheritance tax.

5How are Australian overseas investors in the housing market?

Answer: In 2012-2013, there were 12,025 Australian property market investments approved by FIRB, with a total amount of A$519 billion (data source, FIRB 2013 annual report).

The country rankings by amount are, in order, the United States, Switzerland, China, Canada and the United Kingdom. According to the data of the previous year (FIRB 2012 Annual Report), the United States and China are the countries with the largest investment amounts. It can be seen that the United States and China are stable overseas The largest Australian residential real estate investor.

Article reprinted from the Australian Information Network

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