Legal comment by Mark Illidge of Hinterland Lawyers

November 2005

The Queensland Government has announced increases in transfer (stamp) duty rates and changes to the home concession, to become effective on 1 July 2006.

Marginal transfer duty rates for property valued from $500,001 to $700,000 will increase from 3.75% to 4% and for properties above $700,000 the rate will increase from 3.75% to 4.5%.  Rates below $500,000 will remain unchanged.

The threshold for the home concession will increase from $300,000 to $320,000.  This means there will be no increase in transfer duty payable for principal places of residence valued up to $700,000.

The net effect of these changes is that no one purchasing a home (principal places of residence) below $700,000 will pay more, and those people buying homes between $300,001 and $700,000 will actually achieve a tax cut of between $250 and $500.

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