Taxes on foreign property investors to rise in next Victorian budget
The Andrews Government has confirmed two tax hikes are on the cards in the upcoming state budget, but insists Victorians won’t feel the pinch.
As Neil Mitchell revealed exclusively earlier in the week, foreign property investors are being targeted, in response to Melbourne being their preferred location to buy up.
The stamp duty surcharge on foreign buyers will increase from 3% to 7%, while the land tax surcharge on foreign absentee owners will rise to 1.5%.
Treasurer Tim Pallas has told Neil Mitchell the hikes will add an extra $486m to the state’s bottom line, over four years.
‘No Victorians will pay these surcharges,’ Mr Pallas said.
Click play to hear his full interview