Posted by: Tony Allen
The State Government Budget released on Tuesday 14 June, 2011 includes changes to Transfer Duty on principal places of residence (PPR). A summary of these changes and has been provided for you below:Home Concession
Closes 31 July 2011
The Home Concession for transfer duty will end on 31 July 2011. This is the transfer duty concession that people who are not first home buyers receive when buying a home to live in as their principal place of residence. If you are considering buying a home you should carefully consider the transfer duty reforms to help you make an informed decision about the timing of your purchase.New transfer duty rates
Commence from 1 August 2011
The transfer duty rate structure will be revised to ensure transfer duty payable on a home remains lower in Queensland than under the standard rate in any other mainland state of Australia. If you are considering buying a home you should carefully consider the transfer duty reforms to help you make an informed decision about the timing of your purchase.First Home Concession and Vacant Land Concession
Continuing but changing from 1 August 2011
First home buyers will continue to receive a First Home Concession on their transfer duty costs. This includes first home buyers purchasing blocks of residential land to build on.The concession rates have been adjusted to take into account the removal of the Home Concession.
Further Information
Further the concession available to buyers of Principal Place of Residences will no longer be available from 1 August 2011 and new transfer duty rates will apply from that date.Section 16 and Schedule 2 of the Duties Act 2001 provides that the relevant date for determining liability for transfer duty on agreements for transfer of dutiable property is when the agreement is made. Accordingly, contracts entered into on or before 31 July 2011 will be charged duty at the current rates whereas contracts entered into on or after 1 August 2011 will be charged at the new duty rates.
Further details of the transfer duty rates and new $10,000 Building Boost that was announced in the Budget on 14 June can be obtained by contacting Tony Allen via email or phone 07 3234 3112 or his assistant Nicola Cini via email or phone 07 3234 3113.
