Amount(s) to be paid
Stamp duty payable on real property acquisitions (including improvements thereon) is calculated on the purchase price or the full unencumbered value (whichever is greater).
Non-owner occupied property
Non-owner occupied property includes vacant land, holiday house, investment, commercial, etc.
Purchase Price/Value Stamp Duty
| Purchase Price | Stamp Duty |
| Up to $20,000 | $1.50 for every $100 or part of $100 |
| $20,001 to $50,000 | $300 + $2.25 for every $100 or part of $100 over $50,000 |
| $50,001 to $100,000 | $975 + $2.75 for every $100 or part of $100 over $50,000 |
| $100,001 to $250,000 | $2,350 + $3.25 for every $100 or part of $100 over $100,000 |
| $250,001 to $500,000 | $7,225 + $3.50 for every $100 or part of $100 over $250,000 |
| Over $500,000 | $15,975 + $3.75 for every $100 or part of $100 over $500,000 |
For example,
| Purchase Price | Duty |
| $120,000 | $3,000 |
| $260,000 | $7,575 |
These rates are known as ad valorem rates.
Owner Occupied
If a residence (*) is purchased and is intended to be the principal place of residence, eligibility may (**) be granted for the concessional rate of stamp duty.
Concessional Rate
Purchase Price/Value Duty
For example,
| Purchase Price | Duty |
| $240,000 | $2,400 |
| $400,000 | $6,500 |
NB. If the area of land exceeds 5000 square metres, a higher rate of stamp duty is payable on the value of the additional land.
| * | Residence means
and includes the area of land immediately adjacent to the residence not exceeding 5000 square metres. |
| ** | Occupancy of the residence must be taken up by the purchaser as at date of possession (the date may be extended up to six months in special circumstances). Continuous occupation must be maintained for a period of not less than six months. |
NB. All claims are subject to an audit to ensure that the occupancy conditions are complied with.
First Home Buyer:
Where a purchaser has not previously owned a residence in Queensland or elsewhere, he/she may be entitled to a further concession as calculated hereunder. This further concession may not be available if there is an element of gift in the purchase (for example, natural love and affection) or if the purchase is between related parties and the purchase price is reduced to less than the full market value of the property.
| Purchase Price | Rebate |
| Up to $80,000 | $800 (ie. No Duty) |
| $80,001 to $150,000 | $500 |
| $150,001 to $155,000 | $300 |
| $155,001 to $160,000 | $200 |
| Over $160,000 | Nil |
For example,
| Purchase Price | Duty |
| $100,000 | $500 |
| $157,000 | $1,370 |
NB.
How to Claim
A declaration in the approved form is to be completed and submitted at the time of lodgement. The declaration is available from your solicitor, the Office of State Revenue or the Department of Natural Resources.
First Home Owner Grant
First Home buyers may also be eligible for the "First Home Owner Grant". Applications for the grant may be made on the First Home Owner Grant application form available from the Office of State Revenue, the office's website or approved agents listed on the website.
Lodgement
A contract or transfer for any real property in Queensland is required to be lodged for stamping purposes within one month from the date of execution. Penalties for late lodgement accrue at the rate of 3% for the first month and 2% for each month thereafter of the duty assessed. The documents can be lodged personally, by post or through a Solicitor at any Office of State Revenue.
Payment
The stamp duty assessed is required to be paid within one month from the date of issue of the assessment notice. Penalties for late payment accrue at the rate of 3% for the first month and 2% for each additional month thereafter of the duty assessed.
For further information contact the Office of State Revenue on 1300 301 342 (within Qld) or have a look at their website.
Source: Queensland Government, Buying Real Property in Queensland, Stamp Duty brochure
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