How is the foreign ownership surcharge calculated?
The foreign ownership surcharge is calculated based on the value of the interest in residential land, being the value used for duty purposes. The 7% foreign ownership surcharge is in addition to any duty payable.
If a foreign person acquires a 1% interest in land is the foreign ownership surcharge calculated on 1% of the purchase price?
Yes, the foreign ownership surcharge applies on the interest of 1% acquired by the foreign person.
Is the foreign ownership surcharge calculated on the GST payable on the land?
Foreign ownership surcharge is taken to be duty payable on an instrument. If GST is payable on the land, then duty and the foreign ownership surcharge are payable on the GST inclusive amount.
When contacting us please provide your property information (such as address, ownership number, site details, etc) and conveyancer information, where applicable.
|phone||(08) 8226 3750, select option 4|
|fax||(08) 8226 3737|
|post||GPO Box 1353, Adelaide, SA 5001|
You can reach us during business hours: 8:30am - 5:00pm (South Australian time), Monday to Friday (excluding public holidays).