Tim Pallas

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Victorian treasurer Tim Pallas has advised locally-based, but foreign-controlled developers, such as Mirvac and Australand, may be exempted from the government's new foreign buyer taxes.
The 3% stamp duty on foreigner buyers of especially residential off-the-plan purchases also applies to the purchase of residential land for development itself.
This catches major developers when they acquire land for residential projects. 
Mr Pallas confirm it would apply to companies with majority foreign ownership, when questioned by The Australian Financial Review.
"Appropriate exemptions will apply to ensure relevant Australian based corporations and trusts are not unintentionally caught," Mr Pallas said.
Queensland has been prompt to take advantage, ruling out any similar surcharges on foreign buyers in the sunshine state.
New South Wales is yet to makes its strategy clear.
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Tim Pallas

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