Looking to buy your first home? Here’s everything you need to know about Stamp Duty.
What is Stamp Duty?
Stamp duty (also known as transfer duty) is a tax charged for the registered transfer of property by the State government. In Queensland, this is managed by the Office of State Revenue (OSR).
Stamp duty can apply to various transactions such as buying, selling, or transferring property. Most people must pay stamp duty unless they qualify for a concession, such as for first home buyers.
When must Stamp Duty be paid?
When you buy a property, a dutiable transaction occurs once you sign the contract. From there, you’ll work through contract conditions like finance approval and building inspections. Once the contract goes unconditional, you have 30 days to pay the stamp duty—unless you’ve claimed a concession that reduces it to zero.
How much Stamp Duty is paid?
The most common question we get is how much stamp duty needs to be paid. The amount depends on the purchase price—the higher the price, the higher the duty.
First home buyers may be eligible for concessions. There are two types: first home and first home vacant land concessions.
You may be eligible if you:
- Have never held an interest in residential land anywhere in the world;
- Are at least 18 years old;
- Will live in the property as your principal place of residence; and
- Are buying:
- A home under $550,000 ($500,000 or less for zero duty); or
- Vacant land under $400,000 ($250,000 or less for zero duty).
What if the first home concession cannot be claimed?
If the property price is above the threshold for the first home concession, you may still be eligible for a home concession. The amount of duty will depend on the purchase price. If you’ve previously owned a home, you’re not eligible for the first home concession, but you may still claim the home concession.
If you're unsure how much duty you'll owe, contact the Office of State Revenue for more information.