Reds coach Eddie Jones believes the Canberra Raiders captain will prove as valuable a cross-code recruit as Australia internationals Mat Rogers and Lote Tuqiri.
"He's an exceptional athlete who has a great attitude, fantastic skills and excellent leadership skills. He is a good footballer and good footballers make the transition very well," said Jones.
"There are challenges ahead of him but Andrew Walker was a similar player and in his first season of Super 12 he was the highest try-scorer.
"We have had more celebrated examples of Rogers, Tuqiri and [Wendell] Sailor. They have all made the switch pretty easily.
"His 85% success rate at goal-kicking will also prove a valuable asset to Queensland."
Jones was disappointed not to have received more financial assistance from the Australian Rugby Union.
The ARU help fund one player at each Super 14 franchise who they do not expect to be in contention for the Australian side.
But Jones clearly has higher expectations for his new recruit.
"We were expecting in the first instance more assistance from the ARU. We didn't get that," Jones said.
"We have gone out of our way to put together a good package that attracted him to rugby union.
"He is excited by the prospect of playing rugby and coming back to Queensland. You saw him play in Origin, he is one of those passionate Queensland players and he will have the opportunity to play in a resurgent Queensland side."
Schifcofske will be switched to the wing at the Reds, who have lost Drew Mitchell to the Western Force but re-signed prop Rodney Blake, centre Lloyd Johannsson and fly-half Berrick Barnes.
Jones also indicated another signing is in the pipeline.
"He's not a league player but he's another good quality outside back and it will give us another boost," said Jones.