When purchasing property in Queensland you are required to pay Stamp Duty. This is a Queensland Government tax imposed when transferring land.
Upon receiving your instructions to act on your behalf we will assess the exact amount of Transfer Duty to which you will be liable. We will also advise you whether you are entitled to a concession or exemption of the payment of Stamp Duty if you are, for example:-
- A first home buyer; or
- If the property will be your principal place of residence.
If you are entitled to a concession or exemption of Stamp Duty we will prepare the relevant forms for signing by you.
You should note that Stamp Duty must be paid within one (1) month of the conditions of the contract being satisfied (and/or prior to settlement if finance applies) or the Office of State Revenue will impose a monetary penalty for late stamping. We will of course keep you informed of these limits.
To find out more about Transfer Duty visit the Office of State Revenue’s website at http://www.osr.gov.au.
You can also prepare yourself for the expected stamp duty that will be imposed on your transaction by using a "Stamp Duty Calculator". Click here to find out more. |