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taxes

Stamp Duty in Queensland (QLD)

Stamp duty, or transfer duty, is a one-time state tax imposed on buyers when they buy a property. The rules around the duty vary across Australia as it is in the hands of state governments. However, no matter what state you live in – you will pay more stamp duty as the property price increases. In addition to the state you live in and the properties' worth, how much you pay will depend on whether you are eligible for concessions or exemptions.

Stamp Duty Rates In QLD 

In Queensland, all dutiable land and property purchases attract stamp duty. QLD calculates stamp duty based on whichever is higher – the market value or the price paid, inclusive of Goods and Services Tax (GST). In some cases, there may be a stamp duty concession that exempts you from stamp duty or reduces it considerably. 

According to the Duties Act 2001, Part 2 Section 10, dutiable property in QLD includes a business asset, a chattel, transferable site area, or an existing right. While all parties in a transaction are liable for transfer duty, the purchaser is generally the one to pay.

QLD Stamp Duty Calculator 

Queensland calculates stamp duty on a property's market value and there is a 7% additional foreign acquirer duty for foreign residents. 

There is a duty rate of nil for properties valued up to $5,000.

Dutiable Value

Rate

$0 to $5,000

Nil

Valued between $5,000 to $75,000

$1.50 per $100 for the value over $5,000

Valued between $75,000 to $540,000

$1,050, plus $3.50 per $100 for the value over $75,000

Valued between $540,000 to $1,000,000

$17,325, plus $4.50 per $100 for the value over $540,000

More than $1,000,000

$38,025 plus $5.75 for each $100 or part of $100, over $1,000,000

The rate is calculated based on the start of the contract date, not the settlement date. You will need to factor the stamp duty in on top of mortgage registration fees and land transfer fees. Use the stamp duty calculator to get an accurate amount based on your circumstances.

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Stamp Duty And First-Time Buyers 

The Queensland government offers first-time home buyers stamp duty exemptions when purchasing an established home or first home as their principal place of residence. First-time buyers do not need to pay stamp duty on a property up to the value of $500,000. Whereas, a non-first-time home buyer would be liable to pay a stamp duty of $8,750 for a property valued at $500,000. First-time buyers also qualify for a home vacant land concession – if you purchase a block of land up to the value of $400,000 you are exempt from stamp duty. 

Stamp duty isn't something you can avoid however, there are additional stamp duty exemptions if you qualify for home concession rates if you are purchasing a primary residence.

Stamp Duty On Cars In QLD 

QLD calculates car stamp duty based on the engine type and the vehicle's dutiable value. However, you also need to follow guidelines based on whether the car is used, brand new or modified-for-disability. The dutiable value is whichever is higher between the market value and purchase price.

Dutiable Value of $100,000 or less

Stamp Duty

Electric and hybrid vehicles

$2 per $100

1-4 cylinder

$3 per $100

5-6 cylinders

$3.50 per $100

7+ cylinders

$4 per 100

Dutiable Value over $100,000

Stamp Duty

Electric and hybrid vehicles

$4 per $100

1-4 cylinder

$5 per $100

5-6 cylinders

$5.50 per $100

7+ cylinders

$6 per $100

If you want a more accurate number based on your individual circumstances, use the car stamp duty calculator QLD. When you use the stamp duty car calculator QLD, be sure to input the correct dutiable value as this heavily impacts the final duty cost.

When To Pay Stamp Duty in QLD 

Stamp duty must be paid to the Office of State Revenue of Queensland (OSR) within 30 days after the liability arises. If it is not paid in time, the OSR will issue the final demand to the party in receipt of the assessment notice. If it remains unpaid, the OSR will inform all parties involved that it must be paid but can now pursue legal proceedings to recover the debt. 

Whatever state you live in, be sure to use the correct calculator to receive an accurate calculation before you purchase a vehicle or property. QuickBooks Tax Software provides you with an easy and organised way to manage your cash flow, reports and track your expenses. It's a catch-all solution that integrates with existing apps to make life simple.

While every care has been taken to ensure the accuracy of the information presented as at 01 May 2023, Intuit is not providing you with professional advice and we recommend you obtain your own professional advice. Intuit is not liable for your use of the information presented.


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