Changes to Stamp Duty – Get in Quick!
Key Points regarding QLD’s property Stamp Duty changes: –
•Hurry home buyers- No home concession from 31 JULY 2011.
•First Home Concession will still apply but at different rates.
•First Home Owners Grant of $7,000.00 still available
•Changes to stamp duty from 1 AUGUST 2011.
•Building Boost Grant of $10,000.00 available to any person or corporation buying or building a new home for less than $600,000 to live in, or to rent out for investment purposes. Available only from 1 August 2011 to 31 January 2012.
This is good news for first home owners who are looking to buy or build a new home to live in as they may be eligible for a bonus of $17,000.00 – the First Home Owners Grant and the Building Boost Grant.
This is also good news for property investors as a corporation may apply for the building boost grant as well as individuals.
The rates for transfer duty will change from 1 August 2011. The amount of stamp duty payable for properties with a purchase price of less than $550,000.00 will generally be lower to take into account the removal of the home concession rate.
The First Home Concession rates will also change from 1 August 2011 and will increase to offset the removal of the Home Concession rate.
Peter Connolly -Managing Director of Financial Aspirations.
Contact: Ph: (07) 33672555 or 0414388674.
Financial Aspirations Australia Pty Ltd is a Corporate Representative of
AMP Financial Planning Pty Ltd License Securities Group 232706.