Is there anything more confusing than stamp duty in Queensland? Buyers simply don’t know what it is or what they need to do – or how much they’ll be out of pocket.
Welcome to the Queensland Property Experts straight-forward guide for homeowners looking to purchase a home in Queensland.
What is Stamp Duty?
Stamp duty is a calculation that depends on the value of your property and what you intend to use it for. Your stamp duty will be different if you are buying the home to live in yourself or if you have decided to make it an investment property. Stamp duty is imposed anytime there is a transfer of title; whether it be for investment, residential or commercial purpose. It is payable to the Office of State Revenue (part of Treasury).
Stamp duty is a fee charged by the government and is non-negotiable. It is a tax paid by the buyer of the property. It is a one-off government fee on each property that you purchase.
What is the Stamp Duty on a property in Queensland?
It’s not the end of the world!
Here is some data about the cost of stamp duty. Please note that this information can and will change. It was present at November 2016. The Queensland Treasury website will be able to provide more information should you require it.
General Rates for Stamp Duty in Queensland
- If the property is worth less than $5,000 you will pay no stamp duty.
- If the property is between $5,000 and $75,000 you will pay $1.50 for every $100 over $5,000
- If the property is between $75,000 and $540,000 you will pay $1,050 plus $3.50 for every $100 over $75,000
- If the property is between $540,000 and $1,000,000 you will pay $17,325 plus $4.50 for ever $100 over $540,00
- If the property is more than $1,000,000 you will pay $38,025 plus $5.75 for every $100 over $1,000,000
This information comes courtesy of iSelect. ISelect have a free stamp duty calculator on their site where you can find an accurate reflection of what your payment will be.
Exceptions to the rule in Stamp Duty
If you are a first home buyer (which means the first home you are purchasing is being built brand new), you will be awarded a rebate that will cover either all or part of the stamp duty cost.
Foreign purchasers will see an additional tax of 3% of the value of the property. This means that if you are looking to buy in Queensland and you are not an Australian citizen, your stamp duty will be higher again.