On 12 November 2019, the Duties Amendment Bill 2019 (Tas) (the “Bill”) was introduced to Tasmania’s House of Assembly (the “Assembly”) by the Hon Peter Gutwein. The Bill passed the Assembly on 26 November 2019 and was immediately introduced to the Legislative Council (the “Council”) on the same day. The Bill, which proposes amendments to the Duties Act 2001 (the “Act”), is currently before the Council and.
indicates the purpose of the Bill is to “increase the surcharge for foreign investors purchasing residential properties in Tasmania ...”
The proposed amendments “will increase the Foreign Investor Duty Surcharge from 7 per cent to 8 per cent, in line with Victoria and NSW.”
The Bill will amend provisions relating to the definition of a “foreign person” to ensure the only persons, companies and trusts that are genuinely foreign pay the surcharge.
Proposed amendments to the Act include:
During the Minister’s speech to Parliament he said:
said the Government considered the rates to be fair, reasonable and consistent with surcharges in other jurisdictions:
Labor Finance spokespersonsaid the Bill needed to strike the right balance between ensuring fair taxes are levied on investors who are able to afford it and making sure foreign investors are not driven away. He said:
Cassy O'Connor from the Tasmanian Greens said in a:
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