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March 2020

What You Need to Know About Foreign Transfer Duty?

About Foreign Transfer Duty

The recent jurisdiction in Western Australia (WA) states that from 1st January 2019, foreigners purchasing a residential property in WA must pay an additional 7% stamp duty. This dictate comes in WA after being introduced in the other Australian states. Stamp duty surcharge or Foreign Transfer Duty encompass certain rules and regulations when a residential property is acquired by a foreign person. The foreign transfer duty becomes effective from the day the document for the transaction is signed. In this blog, we shall discuss some important highlights of the foreign transfer duty. 1. What is a residential property? Residential property…

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