Released 05/02/2018
Beginning 1 July 2018, foreign investors in the ACT will pay an additional annual land tax surcharge of 0.75 per cent on the average unimproved value of their residential properties in the ACT.
The ACT Government is implementing these changes to help rebalance the housing market in favour of local buyers.
The surcharge, which is included in the upcoming ACT Budget Review, is one of a suite of measures introduced by the ACT Government to assist local home buyers. It also brings the ACT into alignment with New South Wales, which introduced a land tax surcharge for foreign investors in 2017.
The charge is estimated to raise around $4 million in additional revenue from 2018-19 to 2020-21.
The charge will only apply to foreign investors. ACT and Australian residents will not pay the new charge, and neither will homeowners who live in their property. Further details of the surcharge will be released as legislation is tabled.
- Statement ends -
Andrew Barr, MLA | Media Releases