The Queensland Government has recently announced an increase to the threshold for the first home and first home vacant land transfer duty concessions which will apply to contracts signed on or after 9 June 2024.
The first home concession is available to a buyer or buyers of property in Queensland if they:
- are an adult acquiring the property as an individual;
- have never claimed the concession before;
- have never held an interest in another residence anywhere in Australia or overseas; and
- move into the property within one year of settlement and make it their principal place of residence.
Previously no duty was payable where the property was valued at $500,000 or under, but the increased threshold will mean that no duty is payable if the property is valued at $700,000 or under, with the concession then phasing out up to values of $800,000 (e.g. a reduced rate of transfer duty will apply for property valued between $700,000 and $800,000).
Similarly, the first home vacant land concession is available to a buyer or buyers of property in Queensland who meets the same requirements as the first home concession, with the added requirement that they build their first home on the land and move in within two years of settlement (as opposed to one year). Previously no duty was payable where the vacant land was valued at $250,000 or under, but the increased threshold will mean that no duty is payable if the property is valued at $350,000 or under, with the concession phasing out up to values of $500,000.
You can read more about these concessions details, eligibility and obligations here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.