Stamp Duty is a Government tax, based on the sale price of a property. Stamp Duty is a major source of revenue for State Governments in Australia.
On 10 April 2012, Queensland’s recently elected Premier Campbell Newman announced that Cabinet approved the reinstatement of the Owner Occupier home Stamp Duty concession from the first of July 2012.
Transfer duty (Stamp Duty) is a Government tax, based on the sale price of a property. Stamp Duty is a major source of revenue for State Governments in Australia. Stamp Duty applies to a range of transactions relating to Queensland property including a transfer, or agreement for transfer, of a person’s home. Stamp Duty is calculated on the greater of the value of the property or the consideration paid.
The home no longer has to be the first home of the home buyer, and can be new or one that has been previously occupied.
Where the stamp duty concession applies, a concessional transfer duty rate of $1 for each $100 or part of $100 will apply to the first $350,000 of the consideration or value of the home. Duty at the general rates will apply to any remaining part of the consideration or value.
Home buyers will be able to apply for the concession by lodging with the Office of State Revenue the relevant transfer documents together with a completed concession claim form, which will be available from the Office of State Revenue website at www.osr.qld.gov.au. Reference Campbell Newman LNP