Queensland's State Budget 2012-13, delivered on Tuesday 11 September 2012, announced that the higher tier transfer duty rates for real estate transactions in Queensland would change. This announcement was closely followed by the enactment of the Fiscal Risk Amendment Bill 2012 (Qld) on Friday 14 September 2014, which amended the Duties Act 2001 (Qld) to effect these changes.
From what date do the changes apply?
The changes apply on and from 21 September 2012.
How do the changes affect your hip pocket?
Practically, your hip pocket will be affected as follows.
| Real estate dutiable value | Existing duty rate | New duty rate | Affect to your hip pocket |
| Up to $5K | Nil | Nil | No change1 |
| $5K to $75K | $1.50 for each $100 (or part) by which the dutiable value exceeds $75K | $1.50 for each $100 (or part) by which the dutiable value exceeds $75K | No change1 |
| $75K to $540K | $1,050 plus $3.50 for each $100 (or part) by which the dutiable value exceeds $540K | $1,050 plus $3.50 for each $100 (or part) by which the dutiable value exceeds $540K | No change1 |
| $540K to $980K | $17,325 plus $4.50 for each $100 (or part) by which the dutiable value exceeds $540K | $17,325 plus $4.50 for each $100 (or part) by which the dutiable value exceeds $540K | No change1 |
| $980K to $1M | $37,125 plus $5.25 for each $100 (or part) by which the dutiable value exceeds $980K | $17,325 plus $4.50 for each $100 (or part) by which the dutiable value exceeds $540K | Save up to $150 |
| Over $1M | $37,125 plus $5.25 for each $100 (or part) by which the dutiable value exceeds $980K | $38,025 plus $5.75 for each $100 (or part) by which the dutiable value exceeds $1M | Dutiable value $1M to $1.3M - save up to $150 Dutiable value over $1.3M – required to pay an additional $0.50 for each $100 (or part) |
1. For principal residences with a dutiable value of less than $550K it is also worthy to note that the principal residence concession was reintroduced by the State Government on 1 July 2012 creating savings in transfer duty of up to $8,750.
This is the affect whether your real estate transaction is assessed on a single or aggregate basis.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
