Queensland Stamp Duty Concessions Explained
Click for the QLD Stamp Duty Calculator
Queensland Stamp duty is essentially a tax on the transfer of property, payable to the Qld Government by the buyer of the property. The following is a guide for the different stamp duty concessions that may be available to you.
The Queensland Government has announced that the rates of stamp duty (also known transfer duty) payable will change from 1 August 2011. Importantly, the Home Concession, set out below, will no longer be available for home buyers who have owned property before.
Our comprehensive stamp duty calculator (accessed above) allows buyers to calculate the amount of transfer duty they will be required to pay (both before and after the changes on 1 August 2011). This may be a useful comparative tool for buyers currently in the market who wish to make an informed decision about timing their purchase.
Click here to download a flyer published by the Queensland Government regarding the stamp duty changes. For detailed information relating to your specific circumstances, we suggest you contact the Office of State Revenue or phone 1300 300 734.
Stamp Duty Queensland - Concession Requirements
FIRST HOME CONCESSION
- you have never owned property anywhere in the world before; and
- you intend to move into the property within 12 months of settlement; and
- the property will be your principal place of residence for a minimum of 12 consecutive months after you move in; and
- you will not enter into a new lease of the property prior to moving into it.
HOME CONCESSION (*For contracts entered into on or after 1 August 2011, this concession will no longer be available)
- you have owned property before; and
- you intend to move into the property within 12 months of settlement; and
- the property will be your principal place of residence for a minimum of 12 consecutive months after you move in; and
- you will not enter into a new lease of the property prior to moving into it.
FIRST HOME - VACANT LAND CONCESSION
- you have not previously held an interest in residential land (whether in Queensland or elsewhere); and
- you have not previously claimed this concession for other vacant land; and
- you will build and occupy the home constructed on the land as your first principal place of residence within 2 years after the land is transferred to you; and
- you will not dispose of the land before, or within 1 year after you start to occupy the residence constructed on the land as your home.
VACANT LAND - NO CONCESSION
- you do not meet the requirements for the First Home Vacant Land Concession; or
- property purchased in the name of a company or trust is deemed by the government to be investment property;
INVESTMENT PROPERTY - NO CONCESSION
- you do not meet the requirements for either the First Home or Home concessions outlined above; or
- property purchased in the name of a company or trust is deemed by the government to be investment property; or
- the property you are purchasing is commercial property