Property Stamp Duty Regulation and Rates
Well we have all had a “Gap Year” and now property stamp duty concessions will apply to properties that have a contract date on or after 1st July 2012 as they did 12 months ago. Exceptions below as indicated from the Queensland government website.
A contract signed before 1 July 2012 that settles after 1 July is not eligible for the home concession. The liability date is the date the contract is signed by all parties—conditions placed on the contract and settlement date do not affect the liability date.
If there is a legally binding arrangement made before 1 July 2012 that has the sole or main purpose of deferring the making of a contract until on or after 1 July 2012 so that the concession will apply, the transaction is not eligible for the home concession.
A contract made on or after 1 July 2012 that replaces a contract made before that date is not eligible for the home concession.
An option (e.g. a put and call option or a similar arrangement) that is granted before 1 July 2012 to enter into a contract to purchase the home and exercised on or after 1 July 2012 is not eligible for the home concession.*The liability date is usually the earlier of the following:
- The date the dutiable property or interest is transferred
- The date all relevant parties sign a contract or agreement effecting the transfer
Where the concession applies, the concessional transfer duty rate of $1 for each $100 or part of $100 will apply to the first $350,000 of the consideration or value of the home.
Duty at the general rates will apply to any remaining part of the consideration or value. More information on their website.
| Purchase price/value | Duty rate |
| Up to $350,000 | $1.00 for each $100 or part of $100 |
| $350,001 to $540,000 | $3,500 + $3.50 for every $100 or part of $100 over $350,000 |
| $540,001 to $980,000 | $10,150 + $4.50 for every $100 or part of $100 over $540,000 |
| More than $980,000 | $29,950 + $5.25 for every $100 or part of $100 over $980,000 |
I know as real estate agents we all like to sell homes as soon as we can for our sellers, and with these changes in stamp duty regulations, some buyers will hold off until the first of July to make best use of property stamp duty concessions.
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I am in NSW but facing a similar conundrum re. first home buyers.
Hypothetically, if a put and call is both granted and exercised before 1 July, resulting in a cotracting signing ater 1 July. Would this deem the transaction eligible?
Hi Keely,
Thanks for your question,
I am not sure of NSW law and you would be best to talk to your local solicitor – I would imagine all reference of sale for stamp duty is taken from the “final” contract date.