Foreign Investor Duty Surcharge (FIDS) is increasing from 1 April 2020.
FIDS applies to acquisitions of residential or primary production property by a foreign person occurring on or after 1 July 2018. It is an additional amount of duty charged on the direct, or indirect, acquisition of residential or primary production property by any foreign person.
The increase applies from 1 April 2020. For transactions which are the result of a written agreement for sale entered into after 1 April 2020, FIDS is charged at:
- 8% on the proportion of the dutiable value of residential property acquired by a foreign person; and
- 1.5% on the proportion of the dutiable value of primary production property acquired by a foreign person.
The By Lawyers Purchase of Real Property (TAS) Guide has been updated in line with these changes.