Stamp Duty when buying Queensland Property has for some time been calculated according to THREE options:
- A New Home buyer
- A Residential Home owner
- A Property Investor
The new home owner received a duty free threshold, whereby they paid no Stamp Duty.
The Property Investor paid a full rate of Stamp Duty.
The Residential Home owner, on buying a Non First Home, would pay a reduced rate of Stamp Duty.
This is changing from the Queensland Budget announced 14th June 2011.
Residential Home owners will now be treated the same as Property Investors, with the same rate of Stamp Duty.
Using the median property price in April 2011, from RPData, of $430,000 for a Brisbane property, the stamp duty figures work out at:
|Type of Buyer||Up to July 2011||From 1st Aug 2011|
|First Home Buyer||$ Nil||$ Nil|
|Residential Home Owner||$ 6,300||$ 12,875|
|Investor||$ 13,475||$ 12,875|
The above rates are calculated on these figures from the OSR
$350,001 to $540,000 : $3,500 + $3.50 for every $100 or part of $100 over $350,000
$75,000 to $540,000 : $1,050 plus $3.50 for each $100, or part of $100, by which the dutiable value is more than $75,000
Allowances have been made for the changes in Duty rates from August 2011, based on the calculator at http://amun.osr.qld.gov.au/sap/osrqld/wd_tfr_calc_com