Do I need to pay stamp duty?
Stamp duty is a tax imposed on written documents that record or affects certain types of financial or legal transactions.
Stamp duty is chargeable on documents or statements if they are either:
- Signed or executed in Queensland; or
- Signed or executed outside Queensland but relating to property situated in Queensland or to some act, matter or thing to be done in Queensland.
State Government charges the buyer stamp duty when they purchase a property - the percentage scale will vary according to the amount of the sale price and whether or not the buyer intends to live in the property or rent it out to tenants as an investment. Depending on the nature of the transaction, certain concessions and exemptions are available.
Your solicitor will obtain the appropriate rate. The buyer pays the solicitor the amount payable who then arranges payment to the Government authority.
The State Government introduced legislation in 2008 and 2009 to ease the financial burden of stamp duty on first home buyers.
Under the legislation:
- From 1 September 2008, first home buyers pay no stamp duty on a home valued up to $500,000;
- From 1 July 2009, first home buyers also pay no stamp duty on a vacant block of land up to $250,000.
For the current transfer duties schedule or for more detailed information, visit the website for the State Government's Office of State Revenue website at www.osr.qld.gov.au.
Alternatively, you may first wish to refer to Buying Real Property in Queensland which addresses specific provisions under the Act.
For more information about stamp duty, go to the Office of State Revenue website or phone 07 3227 8733 or 1300 301 342.
