Understanding stamp duty in Queensland

8 June 2018

Unfortunately, when you buy land or property, you will have to pay stamp duty (also known as transfer duty), so it’s important that you factor this cost into the purchase price of your new home. Stamp duty is a one-off government fee that is imposed following the transfer of a title, whether it be for residential, commercial or investment purposes.

How is it calculated?

In Queensland, stamp duty is calculated on the value of the property, and whether you are buying it to live in, or as an investment. The duty is calculated on the market value of the property, so the more expensive the asset, the higher the stamp duty rate you’ll have to pay.

For example, if you were buying a $400,000 property as your principal place of residence, the stamp duty would be $12,425, excluding any first home buyer concessions.

What are the stamp duty rates in Queensland?

The general rates for stamp duty in Queensland are:

What is the process?

In Queensland, stamp duty is payable to the Office of State Revenue. Before you make a payment, you must lodge all of your documents and forms for assessment, within 30 days of signing. The documents may be lodged with either the Office of State Revenue or a registered self-assessor, like a solicitor. You will then be sent a notice of assessment, which tells you how much to pay.

When is it due?

Stamp duty is payable once you receive notification that your documents have been assessed. If you’re borrowing money, your lender will probably require you to have these documents stamped before the loan can be settled, so you’ll need to pay the stamp duty prior to this. Remember, the longer you take to pay, the longer it will take for you to be legally recognised as the new owner of the property – and after a certain time, additional interest and fees may start to accrue.

Are there any concessions?

Queensland offers a ‘first home concession’ to first home buyers over 18 years of age who intend to live in a property as their principal place of residence for a minimum of 12 consecutive months after moving in, and have never previously owned property or land or claimed the vacant land concession. The concession, which is deducted from the home concession amount, may be claimed on properties valued up to $549,999.

There is also a first home vacant land concession that may be claimed on land valued between $250,000 and $399,999. For land valued at less than $250,000, a full exemption may be claimed.

You can find out more about stamp duty in Queensland here.

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With over 35 years experience building quality homes, Hallmark offer a fantastic selection of quality homes at unbeatable value. So if you’re thinking of building a new home in South East Queensland, the team at Hallmark Homes is ready to help. Come and check them out for yourself at one of our display centres. If you have any questions about our home designs or house and land packages, please contact us today.

This is general information only. Current as at June 2018. Stamp duty is subject to change. For more details, contact your lending institution or visit Queensland Treasury.

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