Stamp Duty Changes

Stamp Duty Changes

QLD Extends Stamp Duty Concessions from 1st July 2012

Queensland will extend stamp duty concessions to a wider range of home buyers from July 1 2012, as a batch of other state government handouts and concessions come to an end.

The Queensland state government will reinstate the transfer duty home concession scheme, which was abolished on August 1 last year, from July 1, 2012.

It will provide a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase.

The buyer must occupy the home for a period of 12 months – an applicant may lose the concession if he sells or leases part or all of the home before moving in or within a year of moving in.

A separate stamp duty concession scheme remains in place for first-home buyers, who pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000. To qualify, the buyer must be eligible for the first-home buyer grant of $7,000.

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