Duties and Other Legislation Amendment Bill 2016

Treasurer introduced the bill to implement 2016-17 budget revenue measures: extending the transfer duty concession for interfamilial transfers of family farming property, imposing a 3 per cent surcharge on foreign buyers of residential land, and increasing the First Home Owners' Grant to $20,000 for one year.

“The bill introduces the revenue measures that I announced in the 2016-17 state budget to extend the transfer duty concession for interfamilial transfers of family farming property, impose an additional three per cent surcharge for foreign purchasers of residential land in Queensland and increase the Queensland First Home Owners' Grant to $20,000 for one year.”— 2016-06-14View Hansard

Shadow Treasurer opposed clause 9 (foreign acquirer duty surcharge) as a clear breach of Labor's election promise not to introduce new taxes.

“This is a new tax—a clear breach of an election promise—and his claims now that in fact what he said was that there would be no new taxes or charges for Queensland is not backed up by any evidence.”— 2016-06-17View Hansard

Treasurer defended the three per cent foreign acquirer duty surcharge on residential property as responsible and lower than Victoria and New South Wales.

“We make no apologies for putting this charge on foreign buyers in a responsible way—it is lower than the surcharge in other states—to benefit young people who want to get into their first home.”— 2016-06-17View Hansard