As many of you would be aware, since 1st August 2011 Queenslanders are no longer able to apply for the ‘principle place of residence’ stamp duty concession after the State Government cancelled the concession for transfer duties.
Since 1st August 2011, consumers have had to pay up to 30 percent more in transfer duties, equating to thousands of dollars being added to their property purchase, regardless of whether the new property is owner-occupied or investment purchase.
Transfer duty is a State government tax, previously called stamp duty, that is calculated on the value of the property being bought and sold.
The change to the duty was brought about due to the implementation of the Queensland Building Boost program and the abolition of the ambulance levy.
The Building Boost program is designed to help the construction industry by offering an incentive of an additional $10,000.00 to people buying a brand new home. For first home buyers, this can be in addition to the Commonwealth first home owner grant. However, the Building Boost program will have a limited life, with the grant only being available up to 31 January 2012. The goal of the Building Boost program is to assist recovery in the Queensland housing construction sector following the Queensland natural disasters and subsequent market slump.