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Jun 14 2011

Stamp Duty on Queensland Property

Stamp Duty when buying Queensland Property has for some time been calculated according to THREE options:

  1. A New Home buyer
  2. A Residential Home owner
  3. 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
Home Concession:
$350,001 to $540,000 : $3,500 + $3.50 for every $100 or part of $100 over $350,000
House Transfer:
$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

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3 comments

  1. Martha Berger

    Investment properties should be much higher than just buying a property – change of circumstances may mean a change of address. One should not have to pay the same as an investor !!! That to me is totally wrong.
    In every other country investors have to pay much higher fees, and rightly so.

    1. Andy King

      Why would you think that greedy rich polititions like Fraser, and Bligh, would give a rats fat one about a “normal” struggling home buyer ? They’re priorities are staying in power, followed by Supporting the shoddy builders, who build overpriced rubbish, and maiing it all sound like a good plan… The only thing that I can hope for, is that it screws some of the Labour voters as well as us..

      1. ABCDiamond

        Andy, I don’t think that Martha is saying that the politicians do care.

        I feel that she is just saying what we probably all feel, in that the old system, where we had three levels of duty, was probably about right, and that investors should be paying a bit higher than residential owners.

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