QLD Stamp Duty impacts

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.

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