Australia: Foreign investment fees bills pass House
Legislation to clarify any uncertainty associated with interaction between foreign investment fees and similar state and territory property taxes
Foreign investment fees bills pass House
Legislation that would clarify any uncertainty associated with the interaction between foreign investment fees and similar state and territory property taxes and double tax agreements has passed the House of Representatives.
The Treasury Laws Amendment (Foreign Investment) Bill 2024, along with the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024, propose to triple fees for acquiring established residential dwellings and double vacancy fees in the foreign investment framework, and clarify that these imposts, other foreign investment fees, and similar state and territory property taxes, prevail in the event of any inconsistency with income tax agreements implemented domestically by the Agreements Act.
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