Transfer Duty (Stamp Duty)

Transfer duty must be paid on dutiable transactions for property in Queensland.

Transfer duty is calculated on the dutiable value of a transaction. Generally, this is the greater of the consideration paid for, or the unencumbered value of, the property acquired. Duty must be calculated on the GST-inclusive amount when GST is a component of a particular transaction.

Home concession rates from 1 July 2008:-
Up to $350,000 $1.00 for each $100 or part of $100
$350,001 to $540,000 $3,500 + $3.50 for every $100 or part of $100 over $350,000
$540,001 to $980,000 $10,150 + $4.50 for every $100 or part of $100 over $540,000
More than $980,000 $29,950 + $5.25 for every $100 or part of $100 over $980,000

Or click onto www.yourlocalrealestate.com.au/stampduty.htm  to a stamp/transfer duty calculator.

Top call centre questions made to the Queensland Government:

Who is liable to pay transfer duty?
All parties to a transaction are liable to pay transfer duty. In most cases, this duty is paid by the purchaser. However, there are some circumstances where the vendor is required to pay (e.g. certain transfers of business and options to purchase).

If duty is not paid by the due date, we will issue a final demand to the party who received the assessment notice. If the duty remains unpaid, we will inform all parties to the transaction that duty must be paid. We may also bring legal proceedings against all parties to recover the debt.

If a dutiable property is transferred from a partnership to a company whose shareholders are the partners, is duty still payable?
Yes, the transaction is still a dutiable transaction.

More information visit www.osr.qld.gov.au/duties/transfer-duty/index.shtml

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