Details Revealed Queensland s new foreign investment tax the worst in the country

Details Revealed: Queensland’s new foreign investment tax the worst in the countryNew legislation introduced into the Parliament yesterday to enact the Queensland Government’s new foreign investment tax has revealed that the tax will be far broader in scope than Victoria. Property Council of Australia Queensland Executive Director, Chris Mountford, said that while the tax may not be as high as Victoria, its application will have a greater impact on Queensland homebuyers. “The Victorian tax, while draconian, at least offers an exemption for foreign-owned Australian-based development companies that contribute to the housing stock for local buyers and create local jobs,” Mr Mountford said. “The Queensland Government is claiming that their new tax won’t be paid by Queenslanders, by including these Australian-based development companies within their definition of a foreigner they are simply adding a new tax to local homebuyers.” An exemption from the Victorian foreign investment surcharge also exists for residential property types that serve a distinct social need, such as retirement villages and residential care facilities. “The Queensland Government had been working to attract more investment to meet the increased demand for appropriate housing for our ageing population – they now want to hit this investment with a new tax,” Mr Mountford said. “Now that the Government’s proposed amendments to the Duties Act have been revealed it is clear that this is not a foreigners tax but a tax on Queenslanders.” “The Government’s new tax will dramatically move Queensland from the most competitive Australian destination for foreign investment to the least competitive.”