What is stamp duty? A guide to stamp duty in Queensland

What is Stamp Duty?

Stamp duty, or transfer duty as it’s known in  Queensland, is a once-off government tax on buying property payed by the purchaser. It is based on the purchase price and calculated via a scale, in a similar manner to income tax.

The state government has a “general rate” of stamp duty which is payable by people purchasing an investment property. It then provides a concessional rate for those buying a home, as well as further concessions for first home buyers..

Pictured below is a full tabulation of how transfer duty is calculated in Queensland

Stamp Duty Concessions for First Home Buyers 

First home buyers purchasing either an established or off the plan property valued under $550,000 receive a further concession under the “first home concession”.

To be eligible, you’ll need to:

• Have never previously claimed the first home or first home vacant land concession
• Never have owned a residence in Australia or overseas
• Move into the property within a year of settlement
• Not sell the property within a year of settlement.

If you meet these criteria, you’re entitled to the following discount on top of the home concession rate:

Stamp duty on foreign purchasers

However, these rates don’t apply to all buyers or all types of property purchases. Foreign purchasers often have to pay additional duty of up to seven percent.

You can read more about the stamp duty provisions affecting foreign purchasers on the State Revenue Office website.What about if I buy off the plan?

Off the Plan stamp duty 

Unlike some State and Territories, Queensland has no special concessional stamp duty rate for buyers making “off the plan” purchases.

Stamp duty exempt apartments in Queensland

1. Chevron One, Surfers Paradise
Address: 36-44 Stanhill Drive, Surfers Paradise QLD 4217
One-bedroom apartments from $480,000

2. Quay Waterfront, Newstead
Address: 57 Skyring Terrace, Newstead, QLD 4006
One-bedroom apartments from $475,000

3. Miles Residences, Kirra
Address: Corner Miles Street & Marine Paradise, Kirra QLD 4225
One-bedroom apartments from $545,000