Queensland Home Owner Stamp Duty Concession

Queensland Re-introduced Home Owner Stamp Duty Concession in July 2013

By Inn Hui Lim
Monday, 18 March 2013

From 1 July 2012, the Queensland Government reinstated the transfer duty home concession for home owner occupier buyers, which was previously abolished in August 2011.

The home concession applies to purchasers who are buying a property to occupy as their principal place of residence. It provides for a concessional rate of 1% for up the $350,000 of the purchase price, thereafter, the normal stamp duty rate applies.

You can check the current home transfer duty at: http://www.osr.qld.gov.au

Eligibility for Home Concession

To qualify for home concession, you must:

• Move into the home being purchased within 1 year of the date of transfer or acquisition. Normally, this will be the date that you complete settlement of your purchase.

• Live in the home as your principal place of residence for at least 1 year

• Not dispose the property before moving in or within 1 year of the date of occupying your home.

Exclusion of Non-Residential Component

The home concession does not apply to any area of the property you purchase that is used for non-residential purpose. For instance, if you intend to use a dedicated area in your home as an office, you are will not be entitled to the home concession for that area of your home.

For more detailed information, go to:
Public Ruling DA087.

Change of Mind or Circumstances

If you paid the home concession rate when you bought the property and cannot meet the requirements of the home concession eligibility requirements, you must notify the Office of State Revenue within 28 days of becoming eligible. You will need to submit Form D2.4 and provide the Office of State Revenue with your original stamped Contract. The Office of State Revenue will reassess your transfer duty rate and in some instances, you may have interest and penalty tax on the difference between the normal stamp duty rate and the home concession rate.

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