From 1 January 2018 foreign persons (which includes natural persons and corporations) or foreign trusts, that acquire an interest in residential land in South Australia that is subject to duty under the Stamp Duties Act 1923, will be required to pay a foreign ownership surcharge of 7% of the value of the interest in residential land.
Additional information in relation to these changes can be found on the Foreign Ownership Surcharge page.
Changes to the Commonwealth Third Party Reporting Portal have been made to make the collection of data related to the purchaser’s country of origin mandatory. Where the country of origin is not Australia then the fraction of the interest being transferred is also required to be provided.
Initially, transactions subject to the foreign ownership surcharge must be submitted to the Commissioner of State Taxation via the Opinions process. Documents submitted via the Opinions process do not yet require the completion of a Commonwealth Third Party Reporting Workspace.
In early 2018 transactions subject to the foreign ownership surcharge will be able to be self-determined by approved practitioners via RevNet. When these types of transactions are able to be self-determined all practitioners will be notified and the RevNet document guide notes will be updated.