Queensland Stamp Duty Concession Requirements

Stamp duty, or transfer duty, is a state government tax on property transfers. When you buy property in Queensland, you must pay stamp duty.

As we’ve covered before, the amount of transfer duty payable on a transaction depends on the dutiable value of the property, and any concessions that may apply.

Below you’ll find a list of some stamp duty concessions that are available, and an outline of their requirements.

First Home Transfer Duty Concession

The Queensland Government offers a first home transfer duty concession to first home buyers. To to qualify for this concession you must;

• Not have held an interest in a residence before either in Australia or in any other country;
• Not sell, lease, transfer or otherwise grant exclusive possession of all of the property to any other person within one year of moving in. However, you may lease, rent or otherwise grant exclusive possession of part of the property if the lease starts between 10 September 2024 and 30 June 2025 and you move into the property before the lease begins, and continue to reside there for the duration of the lease.
• Move into the property and live there as your principal place of residence within one year of settlement for at least twelve consecutive months.

Home Transfer Duty Concession

If you have owned property before, you may be eligible for the home concession. Eligible buyers must;

• Move into the property and live there as your principal place of residence within one year of settlement for at least twelve consecutive months.
• As for the first home concession, this means you must not sell, lease, transfer or otherwise grant exclusive possession of all of the property to any other person. However, you may lease, rent or otherwise grant exclusive possession of part of the property if the lease starts between 10 September 2024 and 30 June 2025 and you move into the property before the lease begins, and continue to reside there for the duration of the lease.

First Home Vacant Land Concession

If you are buying vacant land and you have not owned property before, you may be able to claim the first home vacant land concession. You must;

• Build and move into a home constructed on the land as your principal place of residence within two years after purchasing the residential land; and
• Not dispose of the land within one year after you move into the house you constructed on the vacant land.

What If The Place I’m Buying Has Tenants?

If there are existing tenants in the house you are buying, they are entitled to stay until their lease expires (however the lease may be brought to an end earlier by agreement). They must move out at the end of their lease, or within six months of settlement, whichever is earlier, for you to remain eligible for the concession.

You can still claim the stamp duty concessions providing you are otherwise eligible and you intend to move into the property at the end of the lease, but you must not renew the existing lease, or enter into a new lease.

If you are buying a place as an investment property, you will not be eligible for transfer duty concessions.

Additional Foreign Acquirer Duty

If buyers are not Australian citizens or permanent residents of Australia, they may still be eligible for a concession, but there is an additional levy payable. This is called the Additional Foreign Acquirer Duty (AFAD), and it will apply when the acquirer is a foreign person who is acquiring residential land that will be used for solely or primarily for residential purposes.

It is important to see legal advice if you think this applies to you, as exemptions can apply.

Are There Other Requirements?

Some other requirements may apply and it is important to seek legal advice before claiming a transfer duty concession. More information about transfer duty concessions can be found on the Queensland Government’s website.

More Questions?

If you would like to talk to one of our friendly, experienced conveyancing solicitors about transfer duty concessions, or any other aspect of conveyancing in Queensland, reach out today.

The above is not legal advice and is general information only.