Stamp Duty is payable by the Buyer. You can check the Stamp Duty payable by going to the Office of State Revenue website at http://www.osr.qld.gov.au/calculators/index.shtml or by contacting our office. Your bank may also advise you about Stamp Duty on your loan.
Stamp Duty payable on Contracts for property varies according to the purpose for which you are buying the property.
Investment Properties and Vacant Land: Stamp Duty payable on Contracts for investment properties and vacant land is charged at a rate that increases as the purchase price goes up (the ‘normal rate’).
Principal Place of Residence: Stamp Duty on a Contract for a Principal Place of Residence property dated after 1 July 2012 is charged at 1% up to a certain amount. Check with our firm whether your purchase falls under that limit. After that, Stamp Duty is charged at the normal rate.
First Principal Place of Residence: If the residence is your first home, you may apply for an additional concession of Stamp Duty. There is a limit of the value of the property to which this concession applies and you should check with our firm whether your purchase falls under that limit.
Futher details of this rebate are available to be downloaded from http://www.osr.qld.gov.au