Queensland: Queensland has the cheapest stamp duty out of all the states for owner occupied homes. Investors can pay over double this amount for the same property, but even then it is still one of the cheapest.
Queensland is one of the cheaper states for stamp duty but doesn't have extra concessions for pensioners, and also charges an extra 7% to foreign buyers. Total government fees (est.)
SUPPORT FOR FIRST HOME BUYERS
Stamp duty will be abolished for thousands of eligible first home buyers building or buying a new home. The full abolition of the stamp duty will apply to new homes valued up to $650,000, with relief progressively phasing out for properties valued up to $700,000.
Stamp duty exemptions apply when transferring property between spouses or domestic partners or former spouses or domestic partners. This means when you transfer property from one spouse to another or from being under both names to being under a single name, there is no stamp duty paid. Family farm exemption.
In Queensland, stamp duty is charged by the Queensland Government's Office of State Revenue. The Office of State Revenue is responsible for administering a range of state taxes and duties, including stamp duty on property transactions.
All states and territory governments in Australia (except the Northern Territory) impose a land tax. In the Northern Territory there is no land tax at all. Land tax is based on the accumulative value of all unimproved land that you own, other than your principal place of residence in any particular state.
As a rule, the pricier the property you're buying, the higher the stamp duty is and the amount is generally payable within 30 days of signing a contract or 30 days from settlement, depending on the state or territory the property is situated at.
Stamp Duty Exemptions QLD FAQ
The only ways to avoid Stamp Duty in QLD are when transfering to/from your partner or through a Government exemption: Home Concession, First Home Concession or First Home Land Concession.
Queensland and Victoria have no plans to replace stamp duty with a New South Wales-style annual tax, despite experts saying a change in policy would help more young people buy their own homes sooner.
Property and Rent Prices in Brisbane vs Sydney
The higher property and rent prices in Sydney make the cost of living in Brisbane quite a lot cheaper. Brisbane property is, on average, about half the price of Sydney to buy.
Most property buyers in NSW will need to pay stamp duty, but if you are a first home buyer you might be eligible for exemption or a concession. The First Home Buyer Assistance scheme in NSW offers stamp duty exemptions to buyers purchasing existing property valued under $650,000, or new property valued below $800,000.
Exemptions. There are exemptions and concessions available in Queensland for first-home buyers: Home Concession — Applies to the first $350,000 on property, with a maximum concession of $7,175. Standard transfer duty rates are applied to the remaining value.
If your first home is valued up to $500,000, you pay zero stamp duty. That's a saving of up to $15,925, which is the maximum stamp duty rebate available to first home buyers in QLD. Additionally, savings on stamp duty may still be available if you pay between $500,000 and $550,000 for your first home.
How Do I Calculate Stamp Duty In QLD? The Queensland Office of State Revenue (OSR) determines the stamp duty by applying a transfer duty rate to the 'dutiable value' of your property. Your property's dutiable value is its market value or the amount you agree to pay for the property, whichever is higher .
Much depends on the value of the property, with more expensive properties attracting higher rates of stamp duty. The purpose of stamp duty is to generate revenue for state and territory government budgets, which can then be used for public sector projects, such as health, transport, education or infrastructure.