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Things to Know about Queensland Governments Stamp Duty Home Concessions!

When acquiring a property in Queensland, the Queensland Government provides concession for transfer duty to buyers as long as you meet certain requirements. The first one being that the Home Concession only applies to first $350,000 of the consideration or value of the residence, and the general transfer duty then applies to the balance.

Unlike the First Home Concession, you can claim the Home Concession even when you have owned a home before. Don’t know what the First Home Concession is? Read our recent Blog Queensland Governments First Home Stamp Duty Concession.

If eligible, buyers will be able to pay a reduced amount, saving up to $7,175.

What’s An Example Of How This Duty Is Calculated?

Dutiable value of home $550,000
Concessional transfer duty on first $350,000 $3,500
Transfer duty on balance ($200,000) $7,100
Total transfer duty $10,600
(Without the home concession, the transfer duty would be $17,775.)

How To I Know If I Am Eligible For This Concession?

To fully maximise a Home Concession when you buy or acquire a home, you must:

  • Move into it with your personal belonging and live there on a daily basis within 1 year of settlement
  • Not dispose (Sell, Transfer, Lease or otherwise grant exclusive possession) of all or part of the property before you move in.
  • Not be buying a property that has land that is used for non-residential purposes.

To fully capitalise on the Home Concession, you must not dispose of all or part of the property with 1 year, or a partial concession may apply.

Does The Property Have Existing Tenants Or A Previous Owner That Wants To Stay In The House Until After Settlement?

You are still eligible for the concession even with existing tenants or previous owners renting the property, however the tenants must move out when their lease expires or within 6 months of settlement whichever is earlier. Previous owners who continue to stay in the property must also move out with in 6 months to ensure you stay eligible for the concession.

Am I Able To Claim After The Transfer If I Am Not Sure If I Am Eligible?

If you are unsure that you meet the concession requirements, you are able to pay the duty at the full rates when your documents are assessed, and the claim the concession later if you have met or will meet the requirements.

You can also do this is if you originally didn’t claim a concession for the purchase as at the time you did not intend to move, however now have planned to move into the property. In either case Queensland Government will reassess your duty at the concessional rate and refund the balance of your original payment.

So How Much Will The Duty Cost On My Purchase?

You can use the Queensland Governments Transfer Duty Estimator or Rates for Home Concessions to find out how much duty you may have to pay when purchasing your home.

To see if you are eligible for the First Home Concession and to find out how to claim and the full obligations of receiving the concession, please visit Queensland Governments website Here

(Reference: Queensland Government, May 2019).

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