When is Stamp Duty Payable
If you are buying property in Queensland, the Government will charge you stamp duty. This is a payment in addition to the purchase price. We strongly suggest you consider these costs when planning on purchasing a property in Queensland. Whether you are a first home buyer, intending to use the property as your principal place of residence or as an investment, how much you are paying for your property will determine the rate and amount of stamp duty that you will pay.
The Office of State Revenue is the department which oversees the payment and collection of Transfer Duty. At McLaughlin & Associates Lawyers, we are able to give you an estimate of the stamp duty payable before you sign the contract.
Stamp duty can be a large additional cost towards the purchase of a property and luckily for first home buyers, there is a rebate on either all or part of the purchase price. The first home concession applies to homes valued under $550,000 and can save first home buyers up to $15,925. There are strict rules that first home buyers must adhere to, to keep the benefit of the concession. This includes, ensuring that you move into the property with your belongings and live there on a daily basis within 1 year of settlement.
The other stamp duty concessions available at the date of this article include the home concession and first home vacant land concession. In your planning stages of purchasing a property, make sure you understand how much and when your Transfer Duty is payable.
Before you sign a contract, contact one of our Property Lawyers at McLaughlin & Associates Lawyers to conduct a contract review. Do not hesitate to contact our friendly Property Law team on 07 3808 7777 or send us an email at firstname.lastname@example.org.