Stamp Duty Concessions – What Can You Claim?

A common question Queensland home buyers often ask is whether they are eligible to claim any concessions when buying property in Queensland. When buying property in Queensland, it is imperative that buyers understand the differences between the various concession types before claiming a transfer duty concession. In Queensland there are three concession types for home buyers:

1. Home concession;
2. First home concession; and
3. First home vacant land concession.

This article will explain the current concession types and who can claim them.

Home Concession

If you own property/or have in the past and intend to live in the new purchase property, this concession is for you. In order to claim a home concession, you must be acquiring a residence (a home built on the land). This concession is only available to buyers if:

• They move into the residence with their belongings and live in there on a daily basis within 1 year of settlement; and
• Not sell, transfer, lease or grant exclusive possession of all or part of the property before they move in.

If you do not meet the above criteria, you will be claiming the full rate of stamp duty. Visit this link to calculate the approximate duty payable.

First Home Concession 

If you have never owned property before you will be claiming the first home concession. Keep in mind, the first home stamp duty concession is only available for properties valued under $550,000.00. To be eligible for this concession, buyers must:

• Have never claimed the first home vacant land concession;
• Never held an interest in another residence in Australia or overseas;
• Be at least 18 years old;
• Move into the residence with their belongings and live there on a daily basius within 1 year of settlement;
• Not sell, transfer, lease or grant exclusive possession of all or part of the property before they move in; and
• Be paying market value if the property is between $500,001 and $549,999.

First Home Vacant Land Concession

If you are purchasing your first home and it is also vacant land on which you are building your first home, you will be entitled to the first home vacant land concession. To be eligible for this concession:

• The land must be valued under $400,000.00;
• You have never claimed the first home vacant land concession on another land development;
• Never held an interest in a residence anywhere in Australia or overseas;
• Be at least 18 years of age;
• Be paying market value between $320,001 and $399,999;
• Building your first home on the land and move in with your personal belongings and live there on a daily basis within 2 years of settlement;
• Build only 1 home on the land;
• Ensure there is no building or part of a building on the land; and
• Not sell, transfer, lease or grant exclusive possession of the property before moving in.

Before you sign a purchase contract, we suggest you contact one of our property lawyers to discuss any potential duty concessions that may apply to you. We can be contacted on 07 3808 7777 or business@mclaughlinlawyers.com.au.