THE PAYROLL TAX SPECIALISTS
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Foreign Buyers will think twice about buying residential property in Victoria

As from the 1st July 2015 foreign buyers of residential properties in Victoria will be slugged an extra 3% duty above normal stamp duty rates. The surcharge will bring the maximum stamp duty rate to as high as 8.5% on residential property transactions. The 8.5% rate will apply to residential properties exchanging hands for more than $960,000.

Understandably some large property developers such as Mirvac are unhappy with the surcharge.

The Victorian Government hopes to raise as much as $300 million from the surcharge over the next four years.

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