Updated taxes and fees for foreigners when buying Australian real estate in 2024
When buying Australian real estate, foreigners are required to pay certain taxes and fees according to Federal Government regulations. However, recently the regulations on tax and fee payment rates have changed. Check out the article below with My Australian Property.
Fees for old real estate
FIRB fees apply to old real estate purchased from July 1, 2024 to June 30, 2025.
| Real estate value | Fees apply |
| Under $75,000 | $12,900 |
| $1,000,000 or less | $44,100 |
| $2,000,000 or less | $88,500 |
| $3,000,000 or less | $177000 |
| $4,000,000 or less | $265,500 |
| $5,000,000 or less | $354,000 |
| $40,000,000 or more | $3,514,800 |
Fees for new real estate and vacant land
FIRB fees for foreigners when buying new real estate or vacant land from July 1, 2024 to June 30, 2025 are as follows:
| Real estate value | Fees apply |
| Under $75,000 | $4,300 |
| $1,000,000 or less | $14,700 |
| $2,000,000 or less | $29,500 |
| $3,000,000 or less | $59,000 |
| $4,000,000 or less | $88,500 |
| $5,000,000 or less | $118,000 |
| $40,000,000 or more | $1,171,600 |
Vacant house fee
The vacancy fee will be applied when the property is vacant or not rented for 183 days (equivalent to 6 months) or more than a year. Missing the annual reporting deadline will also potentially incur this fee.
Vacant house fees are calculated based on the FIRB investment license application fee. In particular, this fee will double from April 9, 2024.
Refer to empty house fees: Here
In addition to the fees updated above, foreigners who buy Australian real estate also have to pay other one-time taxes such as lawyer fees, registration tax,…
Article source: ATO, 2024. Fees for foreign residential investors
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