Stamp duty in Queensland
If you’re buying a property in Queensland, you will need to pay stamp duty. This tax can cost tens of thousands of dollars. Luckily, some buyers are eligible to receive a discount, significantly reducing their stamp duty costs.
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Stamp duty, the government tax levied on property purchases in each state and territory, is known as transfer duty in Queensland. It's payable on all transfers of property within the state, but there are discounts available for those buying a home to live in, as opposed to an investment property, and a further discount for people buying their first home.
How much is stamp duty in Queensland?
When you buy a property in Queensland, the amount of stamp duty you'll pay depends on how much you're paying for the property, and whether you're buying it as an investment or to live in. There are concessions available for first home buyers, and there's an additional charge for residential properties acquired by foreign persons, including companies and trusts, of 7%.
General rates of transfer duty in Queensland, for those buying an investment property:
|Property value||Transfer duty payable|
|Up to $5,000||N/A|
|Between $5,000 and $75,000||$1.50 for every $100 over $5,000|
|Between $75,000 and $540,000||$1,050 plus $3.50 for every $100 over $75,000|
|Between $540,000 and $1,000,000||$17,325 plus $4.50 for every $100 over $540,000|
|More than $1,000,000||$38,025 plus $5.75 for every $100 over $1,000,000|
Transfer duty payable by owner-occupiers:
|Property value||Transfer duty payable|
|Up to $350,000||$1 for every $100|
|Between $350,001 and $540,000||$3,500 plus $3.50 for every $100 over $350,000|
|Between $540,001 and $1,000,000||$10,150 plus $4.50 for every $100 over $540,000|
|More than $1,000,000||$30,850 plus $5.75 for every $100 over $1,000,000|
Stamp duty calculator
Use our stamp duty calculator to estimate your costs. Just set the state to QLD before starting. Note that this is just an estimate and may not reflect your actual costs.
Stamp duty concessions for buyers
There are three concessions for Queensland homebuyers: the first home concession, the home concession and the first home vacant land concession.
First home concession
First home buyers in Queensland who purchase a property valued at less than $550,000 are eligible for the first home concession, which could save them up to $15,925.
To qualify, buyers must:
- Be over 18
- Move into the property within one year of settlement, and not sell it prior to moving in
- Not have held any interest in another residence, in Australia or overseas, and have never claimed the first home vacant land concession in Queensland
If the property has existing tenants living in it, they must move out when their lease expires, or within six months of settlement, whichever is earlier, for the buyer to be eligible for the concession.
The first home concession applies to buyers who are buying an established property, or land on which to build a home, which they intend to occupy. Unlike in many states or territories, if you're a member of a couple and one of you has previously owned a property, but the other has not, that person can still claim their first home concession on their share of the property.
The discount operates on a sliding scale, based on the value of the property, as detailed in the below table:
|Value of property||First home buyer discount|
|Up to $504,999.99||$8,750|
|Between $505,000 and $509,999.99||$7,875|
|Between $510,000 and $514,999.99||$7,000|
|Between $515,000 and $519,999.99||$6,125|
|Between $520,000 and $524,999.99||$5,250|
|Between $525,000 and $529,999.99||$4,375|
|Between $530,000 and $534,999.99||$3,500|
|Between $535,000 and $539,999.99||$2,625|
|Between $540,000 and $544,999.99||$1,750|
|Between $545,000 and $549,999.99||$875|
|More than $550,000||Nil|
Source: Queensland Government
Jade signs an agreement to buy a house in Queensland, which will be her first home. She's agreed to pay $465,000 and plans to move in as soon as possible. She's eligible for both the home concession rate and the additional first home concession. She would ordinarily need to pay $7,525 in stamp duty, but with her discount of $8,750, she won't need to pay any stamp duty on her purchase.
The home concession is available even if you are not a first home buyer. The home concession applies to the first $350,000 of your home's value. You are charged at the normal duty rate for any amount above that.
Let's say you buy your second home for $400,000. That means you pay duty on $350,000 at a discounted rate and pay the normal amount on the remaining $50,000.
First home vacant land concession
This concession applies for Queenslanders buying vacant land on which to build their first home. The first home vacant land concession applies if you are buying vacant land valued at $399,999 or lower.
The concession is applied on a sliding scale, with no stamp duty charged if the land's value is under $250,000. If the land's value is $400,000 or above there is no concession and you have to pay the full stamp duty amount.
When is stamp duty payable?
Stamp duty documents need to be lodged within 30 days of a transaction. But most lenders require a borrower to pay stamp duty at settlement. Your conveyancer will help you with the documents.
More questions about Queensland stamp duty
Q: I'd like to buy an investment property in Queensland; will I be eligible for a transfer duty concession?
A: No, only buyers who plan to live in the property can receive a concession. Investors are required to pay the full amount of transfer duty.
Q: Are there any circumstances under which someone might be exempt from paying transfer duty in Queensland?
A: Yes. If you inherit a property when someone dies, or transfer property as part of a divorce settlement, you can apply for a transfer duty exemption.
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