The 2011-2012 Budget for Queensland introduced a number of
changes that will impact on buyers and sellers of residential
property in Queensland.
The changes will be effective from 1 August 2011 and
the abolition of the home concession for transfer duty on
adjustment of the transfer duty rates
the introduction of the Building Boost Grant.
Abolition of home concession
Where duty liability arises on or after 1 August 2011, the
current transfer duty concession for people buying a home to live
in as their principal place of residence will not apply.
The transfer duty rates for the purchase of a principal place of
residence and an investment property will be the same.
A concessional rate of duty will continue to apply for first
Adjustment of the transfer duty rates
The transfer duty rate structure has been revised to ensure that
even though the concession has been abolished, transfer duty
payable on a home remains lower in Queensland than under the
standard rate in any other mainland state of Australia.
Building Boost Grant
A $10,000 grant will be available for any person or corporation
who, between 1 August 2011 and 31 January 2012, enters into a
contract to buy or build a new home to live in, or to rent out for
To be eligible for the grant the new home must have an
unencumbered value of less than $600,000 and must be occupied
within 12 months of settlement (either by the buyer or its
A new home is a house, townhouse or unit that has not been
previously occupied or sold as a place of residence, or is a
substantially renovated home.
This publication is intended as a general overview and
discussion of the subjects dealt with. It is not intended to be,
and should not used as, a substitute for taking legal advice in any
specific situation. DLA Piper Australia will accept no
responsibility for any actions taken or not taken on the basis of
DLA Piper Australia is part of DLA Piper, a global law firm,
operating through various separate and distinct legal entities. For
further information, please refer to www.dlapiper.com
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