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Everything you need to know about transfer duty in QLD

July 23, 2019 10:00 am by Upside

If you’re planning on entering the Queensland property market, you’ll need to pay transfer duty, also known as stamp duty, when you buy a home to live in or an investment property (unless you’re eligible for an exemption or concession).

Transfer duty can be one of the biggest upfront costs of buying a property, so it pays to know how much you’ll owe and when you’ll need to pay. Here’s a quick guide to help you get your head wrapped around transfer duty in QLD.

What is transfer duty?

Transfer duty is payable on the majority of property purchases in Queensland and around Australia. In a nutshell, it’s a tax on the sale of property and shares, and covers the costs of changing the title of the property and ownership details.

Similar to other taxes, the amount you pay in transfer duty is invested into the economy by the state or territory government that collects it.

How much is transfer duty in QLD?

The cost of transfer duty varies from state to state. In Queensland, transfer duty is calculated based on the price paid for the property or the market value of the property – whichever is greater.

Below are the current regular transfer duty rates and thresholds for QLD:

Dutiable Value Duty Payable
Up to $5,000 Nil
$5,001 to $75,000 $1.50 for each $100, or part of $100, over $5,000
$75,001 to $540,00 $1,050 plus $3.50 for each $100, or part of $100, over $75,000
$540,001 to $1 million $17,325 plus $4.50 for each $100, or part of $100, over $540,000
Over $1 million $38,025 plus $5.75 for each $100, or part of $100, over $1 million
Source: qld.gov.au

When do I have to pay transfer duty in Queensland?

In QLD, transfer duty must be paid within 30 days of settlement. If you buy a property ‘off the plan,’ transfer duty is payable within three months of the date of the completion of the agreement, or within three months of the assignment of the purchaser’s interest in the agreement.

Are there exemptions for stamp duty in QLD?

Depending on your circumstances and the value of the property, you may end up not having to pay any transfer duty at all. For example, if you’re a first home buyer purchasing a home worth less than $500,000, the first home concession would bring your transfer duty payable down to $0.

The Queensland Government offers three types of concessions on transfer duty:

Home concession

Pay a lower rate of duty when you buy a home (not a first home) and move into it within 12 months of purchase.

Purchase price Duty payable
Up to $350,000 $1 for every $100 or part of $100
$350,000 to $540,000 $3,500 + $3.50 for every $100 or part of $100 over $350,000
$540,000 to $1 million $10,150 + $4.50 for every $100 or part of $100 over $540,000
Over $1 million $30,850 + $5.75 for every $100, or part of $100 over $ 1 million
Source: qld.gov.au

First home concession

Get a transfer duty discount when you buy a first home worth less than $550,000.

Purchase price Stamp duty discount
Up to $504,999.99 $8,750
$505,000 to $509,999.99 $7,875
$510,000 to $514,999.99Cell $7,000
$515,000 to $519,999.99 $6,125
$520,000 to $524,999.99 $5,250
$525,000 to $529,999.99 $4,375
$530,000 to $534,999.99 $3,500
$535,000 to $539,999.99 $2,625
$540,000 to $544,999.99 $1,750
$545,000 to $549,999.99 $875
$550,000 or more Nil
Source: qld.gov.au

First home vacant land concession

A transfer duty concession is available if you're buying vacant land under $400,000 to build your first home.

Purchase Price Stamp duty discount
Not more than $250,000 100% of duty
More than $250,000 to $259,999.99 $7,175
$260,000 to $269,999.99 $6,700
$270,000 to $279,999.99 $6,225
$280,000 to $289,999.99 $5,750
$290,000 to $299,999.99 $5,275
$300,000 to $309,999.99 $4,800
$310,000 to $319,999.99 $4,325
$320,000 to $329,999.99 $3,850
$330,000 to $339,999.99 $3,375
$340,000 to $349,999.99 $2,900
$350,000 to $359,999.99 $2,425
$360,000 to $369,999.99 $1,950
$370,000 to $379,999.99 $1,475
$380,000 to $389,999.99 $1,000
$390,000 to $399,999.99 $525
$400,000 or more None
Source: qld.gov.au

You could also be eligible for an exemption on transfer duty in Queensland if the property is changing hands following a death or divorce. For more information, visit the Queensland Government website.

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