Stamp Duty QLD
The facts about stamp duty in Queensland
Knowing the facts about stamp duty in Queensland is the best place to start because buying property is a really big deal. It can be especially stressful if you’ve never been in the property market before or if it’s been a long time between drinks.
But don’t worry – at Settle Easy, our property lawyers and professional conveyancer Qld team will help you with all the legal aspects of your property transaction and guide you through the entire conveyancing process from start to finish.
You’ll work with a property law expert and our easy-to-use online conveyancing platform will streamline the whole process end to end.
We’ll be available to answer all your conveyancing questions, wherever and whenever it suits you and you’ll know exactly what the next step is.
And it doesn’t matter what sort of conveyancing services you need, at Settle Easy we specialise in all residential, off the plan and commercial conveyancing.
Your questions answered
This tax is just one part of conveyancing that can be quite complex.
Here’s a start to understanding what stamp duty is and how much you might need to pay if you are buying residential property in Queensland.
- What is stamp duty?
- How much does it cost?
- When do I have to pay?
- Am I eligible for a concession?
If you need any further information about stamp duty in particular or conveyancing in general, our expert lawyers and conveyancers are here to help.
Stamp duty explained
Put simply, this duty is a tax paid to the Queensland Government when you purchase residential property.
Unlike other parts of Australia, the amount of stamp duty you pay in Queensland depends on whether you are buying property as an owner/occupier or investor.
Then again, if you are a first home buyer, you may not have to pay any stamp duty at all!
How much does stamp duty cost?
In Queensland, stamp duty (or transfer duty as it’s sometimes known) is charged on all transfers of residential land and must be paid when you buy property.
You might find this stamp duty calculator useful to estimate how much stamp duty you need to pay.
Understanding this duty can be a bit confusing, but that’s why we’re here.
No question is too big or too small – we’re here to help.
Queensland stamp duty rates
There is no one rule for the amount of stamp duty you will pay when buying property in Queensland.
If you are purchasing an investment property, you will be charged a ‘general rate’ of stamp duty.
If you are buying a home, you’ll be eligible for a concession.
First home owners get their duty rate discounted even further, as long as the purchase price is below a certain threshold.
The general rate of stamp duty in Queensland looks like this:
| Property value | Stamp duty payable |
|---|---|
| Not more than $5,000 | Nil |
| More than $5,000 up to $75,000 | $1.50 for each $100, or part of $100, over $5,000 |
| $75,000 to $540,000 | $1,050 plus $3.50 for every $100, or part of $100, over $75,000 |
| $540,0000 to $1,000,000 | $17,325 plus $4.50 for every $100, or part of $100, over $540,000 |
| More than $1,000,000 | $38,025 plus $5.75 for every $100, or part of $100, over $1,000,000 |
How much will I pay?
Apart from your home deposit, if you buy property in Queensland, this is likely to be one of your biggest expenses.
And it’s something that is calculated on a case-by-case basis.
It’s important to budget for this cost because the amount of stamp duty you need to pay may impact the amount you can spend on actual property.
We recommend you ask your expert Settle Easy conveyancing team to help you work out exactly how much stamp duty you will need to pay.
You can also try our easy-to-use free stamp duty calculator. That way, you can anticipate what your stamp duty costs will be and budget accordingly.
When do I pay?
In Queensland, stamp duty must be paid within 30 days of the contract being entered into or when your contract becomes unconditional.
That’s why we recommend you budget carefully for stamp duty because you’ll need to pay it in addition to all the other expenses of acquiring property.
Stamp duty must be paid up front.
Am I eligible for a concession?
Because this duty can be a substantial additional cost of buying a property, the Queensland Government is making home ownership easier for first home buyers by giving them a concession on all or part of the cost of this duty.
This concession is determined by whether you are buying an existing dwelling (one that has already been lived in) or if you are building a new home.
The value of the property also impacts the stamp duty concession you may receive.
You can find out more about stamp duty exemptions and stamp duty concessions by visiting the Queensland Office of State Revenue.
It’s worth taking the time to find out what stamp duty you may have to pay before you decide if a particular property is the right one for you.
Understanding conveyancing
We know our customers have many questions on the way to home ownership – that’s all part of the process. At Settle Easy, we do everything we can to make conveyancing simple and straightforward – we’re here to help.
So, whether you have questions about conveyancing Queensland, stamp duty rates, your contract or government grants, our online conveyancing platform combined with Queensland’s best conveyancers will make sure your property transaction goes as smoothly as possible.
