|Ruling number||G 008|
|Date issued||6 October 2016|
|Issued by||Stephen Brady|
Chief Commissioner of State Revenue
|Effective from||21 June 2016|
The State Budget 2016 introduced Surcharge Purchaser Duty and Land Tax Surcharge which apply from 21 June 2016. The amendments were included in the State Revenue Legislation (Budget Measures) Act 2016.
Surcharge Purchaser Duty applies to dutiable transactions where the interest in residential related property is acquired by a foreign person and the Land Tax Surcharge is applied to residential land owned by a foreign person. Foreign Person is defined by reference to the Foreign Acquisitions and Takeovers Act 1975.
This ruling outlines the application of the foreign person definition to Surcharge Purchaser Duty and Land Tax Surcharge.
The meaning of foreign person for Surcharge Purchaser Duty and the Land Tax Surcharge is taken from s4 of the Foreign Acquisitions and Takeovers Act 1975. That definition includes 'any other person, or any other person that meets the conditions, prescribed by the regulations'.
Under the Foreign Acquisitions and Takeovers Regulation 2015, the meaning of foreign person is modified under clauses 18, 46 and 47.
In assessing the liability to Surcharge Purchaser Duty and Surcharge Land Tax the foreign person meaning is considered to cover those persons included or excluded by clauses 18, 46 and 47 of the Foreign Acquisitions and Takeovers Regulation 2015.