FIRB approval and what you can buy. Foreign persons must obtain FIRB approval before purchasing residential real estate in Queensland, regardless of property value. Approvals typically cover only vacant land for development, residential development, or newly constructed dwellings. Non-resident foreign persons cannot purchase established dwellings; temporary residents may purchase only one established dwelling as their principal residence. Application fees are non-refundable if the contract doesn't settle.
Additional Foreign Acquirer Duty (AFAD) — 8%. Foreign buyers in Queensland pay an extra 8% transfer duty (from 1 July 2024) on the purchase price, in addition to standard transfer duty. AFAD applies to foreign acquirers purchasing AFAD residential property and is an additional duty imposed on the transaction's dutiable value.
Change of status within three years. If your status changes within three years, the Commissioner must assess and impose AFAD — with notification required within 28 days to avoid penalty duty and interest.
Foreign owner land tax surcharge — 3%. Foreign owners of land in Queensland also pay a land tax surcharge of 3%, charged annually on top of any standard land tax while the land is foreign-owned.
Protect yourself in the contract. If you fail to obtain approval before you obtain title to the property, the Australian Government may impose significant penalties (such as issuing infringement notices and forcing the sale of the property). Insert a special contract condition allowing termination if FIRB approval cannot be obtained before settlement.
Register with the ATO. Foreign property owners must register their acquisition with the ATO's Register of Foreign Ownership of Australian Assets within 30 days of settlement.
Vacancy fees. If the property isn't occupied or available for rent at least half the year, the ATO may charge annual fees equal to the foreign investment application fee — increased significantly from April 2024.
QLD foreign-buyer costs at a glance
| Item | Rate / requirement | Timing |
|---|---|---|
| FIRB approval | Required to purchase | Before you sign unconditionally — use a FIRB special condition |
| Standard transfer duty | Normal QLD rates | At/near settlement |
| Additional foreign acquirer duty (AFAD) | 8% (from 1 July 2024) | On top of standard duty |
| Foreign owner land tax surcharge | 3% | Annual, while foreign-owned |
| Titles Queensland | Foreign ownership notification lodged with the transfer | At settlement |
General information only — not legal advice; rates change. Confirm current figures with the Queensland Revenue Office and your conveyancer.