There has never been a better time to buy your first home with the Queensland First Home Owners' Grant increasing to $20,000 for all eligible contracts signed between 1 July 2016 and 31 December 2017.
All you need to know about Stamp Duty, and more.
Understanding the basics.
Across Australia, all transfers of land or real property, even including gifts of real property, would attract a duty that is levied by each state. This stamp duty, which varies from state to state, is a necessary cost and is generally based on the greater of two factors:
- The market value of the property, or
- The price paid (including GST)
The time for payment can vary from state to state so check with your relevant State Revenue Office for details.
Be aware of exemptions.
Be very mindful of the different exemptions or concessions that may apply across states. For example, people in the following categories may be applicable for specific concessions:
- Deceased estates
- First home buyers
- Family farms
- Young farmers
- Principle place of residence
- Off-the-plan sales
For more information on the exemptions and concessions available in your state, do refer to your local State or Territory government website.
How much does Stamp duty cost?
We strongly advise that you visit your relevant State or Territory government website for up-to-date information.
For more general advice and information on paying stamp duty, feel free to contact us now to speak to one of our Project Sales Managers today.