Stamp Duty Concession Returns

From 1st July 2012 the Transfer Duty or stamp duty concession for a home which is the occupier’s principal place of residence has been reintroduced. This is a welcome reduction in the cost of buying a home. This returns the arrangements to those which applied up until 1st August 2011. There are some conditions, which include a requirement that the property is occupied as the principal place of residence within 12 months of being acquired. It is not necessary that the property is the first home. This change only applies to properties acquired under a contract entered into on or after 1st July 2012. (stamp duty concession)

The process of buying and selling a property raises a wide variety of complex legal issues and considerations that must be properly addressed by your conveyancers. For advice and assistance from a conveyancing team who pride themselves on ensuring that their service is designed up to a standard and not down to a price contact our Conveyancing Manager Libby Dessaix on 07 3236 0001 or by e-mail at mail@aylwardgame.com.au or our partner Mark Game on 07 3236 0001

FAQ

What is the Stamp Duty Concession for Principal Place of Residence in Queensland?

The Stamp Duty Concession for Principal Place of Residence in Queensland is a reduction in the cost of buying a home, which applies to properties acquired under a contract entered into on or after 1st July 2012, and that are occupied as the principal place of residence within 12 months of being acquired.

When was the Stamp Duty Concession for Principal Place of Residence reintroduced in Queensland?

The Stamp Duty Concession for Principal Place of Residence was reintroduced in Queensland on 1st July 2012. This returns the arrangements to those which applied up until 1st August 2011.

Does the Stamp Duty Concession for Principal Place of Residence only apply to first homes?

No, it is not necessary that the property is the first home. The concession applies to any property that is occupied as the principal place of residence within 12 months of being acquired.

What are the conditions for the Stamp Duty Concession for Principal Place of Residence in Queensland?

The conditions for the Stamp Duty Concession for Principal Place of Residence in Queensland include that the property is occupied as the principal place of residence within 12 months of being acquired. There may be other conditions that apply, so it is important to seek advice from a conveyancer.

What legal issues should I consider when buying or selling a property in Queensland?

The process of buying or selling a property in Queensland raises a wide variety of complex legal issues and considerations, such as contract terms, title searches, and property inspections. It is important to seek advice from a conveyancing team to ensure that these issues are properly addressed.

How can Aylward Game Solicitors help with conveyancing in Queensland?

Aylward Game Solicitors has a conveyancing team that prides itself on ensuring that its service is designed up to a standard and not down to a price. You can contact our Conveyancing Manager, Libby Dessaix, on 07 3236 0001 or by e-mail at mail@aylwardgame.com.au, or our partner, Mark Game, on 07 3236 0001 for advice and assistance.