|
Transfer Duty in QLD Made Simple First Home Concessions, Timing Traps & Paperwork If you’re buying property in Queensland, you’ll likely need to pay transfer duty — often called stamp duty. It’s a government tax on property transactions, and understanding how it works can save you thousands. Here’s what you need to know: 1. First Home Concessions Queensland offers generous concessions for eligible first-home buyers. If the purchase price is under a certain threshold and you intend to live in the property, you may qualify for a significant reduction — or even full exemption — on transfer duty. However, eligibility depends on strict criteria, including property value, occupancy timelines, and prior ownership. 2. Timing Traps Transfer duty is payable within 30 days of the contract being entered into or when your contract becomes unconditional. Missing this deadline can lead to interest charges or penalties. It’s also crucial to ensure your contract and transfer documents are correctly prepared before settlement — errors can delay registration and cost you time and money. 3. Paperwork Essentials Your solicitor handles the required forms, including the Transfer Duty Statement and lodgement with the Queensland Revenue Office (QRO). Having a lawyer manage the process ensures you claim any concessions correctly and meet all compliance requirements. Transfer duty can be complex, especially for first-time buyers or investors purchasing through trusts or companies. The right legal advice helps you plan ahead and avoid costly surprises. Buying your first home? Call QT Law on 0434 071 500 for tailored conveyancing advice across Brisbane’s northern suburbs. Our team can help you understand transfer duty, apply for concessions, and settle with confidence. |