More information on stamp duty
What is stamp duty and why do we pay it?
Stamp duty is a form of tax that is paid to the government when a property is sold. It is the buyer who foots the bill for stamp duty, and thus, it is an important (and often costly) expense to take into account when buying a home. When purchasing a property, you’ll usually pay a tax called stamp duty. Stamp duty is the tax of a transaction on the transfer of a property. The amount of tax that needs to be paid varies according to the type and value of the transaction involved and the state or territory you’re buying in. Some buyers may qualify for a stamp duty concession or exemption. First home buyers, for example, can receive exemptions in some areas of Australia depending on the value of the property they’ve purchased. Pensioners and health card holders may also be eligible for a stamp duty exemption.
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What are the benefits for first home buyers?
In the period of 1st July 2016 to the 30th June 2017, Queensland first home owners and those constructing properties valued under $750,000 were given a grant of $20,000. This grant has now been reduced from $20,000 to $15,000. However, stamp duty concessions are still available for new homes valued up to $550,000 and vacant residential land valued at up to $400,000. In a similar manner to the concessions available in Victoria, these concessions are available on a sliding scale.