Increase in Taxes for Foreign Investors in Australian Real Estate

Foreign investors will face increased fees and penalties for purchasing existing homes and keeping them empty as part of the government’s effort to tackle housing affordability.
On Sunday, the federal government announced new regulations that would triple taxes for non-residents buying existing houses in Australia and double fees for those who leave properties vacant. These changes are expected to generate approximately half a billion dollars in revenue for the government.
Treasurer Jim Chalmers stated that the new rules are designed to incentivize foreign buyers to invest in new housing developments and to make their unused properties available for rent. “It’s about increasing the housing supply and making more homes available in the rental market,” he told Sky News on Sunday.



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