- The Crisafulli Government delivers on commitment to streamline and simplify the relief process for additional foreign acquirer duty and land tax foreign surcharge.
- Slashing red tape and expanding relief eligibility delivers investor certainty to help ease Labor's Housing Crisis and deliver a place to call home for more Queenslanders.
- The Crisafulli Government is boosting housing supply and delivering a fresh start after a decade of decline under Labor.
The Crisafulli Government is delivering a place to call home for more Queenslanders by slashing red-tape for the property industry and ensuring Queensland is open for business.
Streamlining foreign surcharge relief arrangements will increase the flow of capital to boost housing supply, support investor certainty and strengthen Queensland's position as a competitive destination for investment.
Under the reforms committed to at the 2025-26 Budget, processing times will be reduced and eligibility expanded for property investors applying for relief from additional foreign acquirer duty (AFAD) and land tax foreign surcharge (LTFS).
During Labor's decade of decline, the former Government's policies and delays demonised the property industry, dampened investment and hampered the construction of new homes, contributing to the housing crisis.
The reforms were informed by significant consultation with industry stakeholders through the re-established Property Consultative Committee.
The new policy settings, effective from today, contain several changes to relief arrangements, including:
- lowering the number of dwellings needing to be constructed to qualify for relief from 50 to 20;
- broadening the consideration of corporate groups and the contributions of group entities in recognition of contemporary structures commonly used in property development and other corporate arrangements;
- a new relief pre-approval process for residential developers;
- publication of service standards for reviewing relief applications (within 30 working days for frequent applicants and renewals and 60 days for new applicants); and
- greater clarity in relief criteria.
Treasurer and Minister for Home Ownership David Janetzki said the important reforms would help drive additional housing supply and affordability for Queensland buyers and renters.
"The Crisafulli Government is continuing to take action that will increase housing supply to deliver more homes for Queenslanders," Treasurer Janetzki said.
"We are ensuring Queensland remains a competitive and attractive destination for development and investment through delivering a clear message that Queensland is open for business."
Property Council of Australia Executive Director of Queensland Jess Caire said since the foreign tax regime was introduced in 2016, Queensland has missed out on its fair share of patient capital equating to 32,872 lost dwellings valued at $17.8 billion.
"Today's announcement shows not only leadership from the Government but a commitment to ensuring policy settings mean Queensland is open for business," Ms Caire said.
"The implementation of these taxes and charges, particularly those dubbed as "foreign" have strangled new housing supply, seen Queensland miss out on economic growth and hurt Queenslanders by eroding the very tax base the Government needs to generate revenue.
"Most alarmingly, the international taxpayers that have borne the brunt of these taxes are not foreign buyers looking to crowd Queenslanders out of housing but are in fact Australian-based developers and owners who build the houses Queensland needs."
Urban Development Institute of Australia Queensland Chief Executive Officer Kirsty Chessher-Brown said the practical and pragmatic changes to settings and process would boost housing supply and ultimately get homes to market sooner.
"These reforms to foreign surcharge relief follow sustained industry calls for a more pragmatic approach to assessments and decisions which will ultimately improve housing delivery for Queenslanders," Ms Chessher-Brown said.
"A streamlined system, which offers greater levels of certainty prior to land acquisition is critically important to attracting investment to our state, and in the end, boosting housing supply for the Queensland community.
"Increasingly, the property development sector is needing to seek global capital to support the delivery of housing and jobs across the State, but uncertainty and delays ultimately adds costs for new homebuyers."
