With the changeover of the QLD State Government, it has been announced that the rates of stamp duty (also known as transfer duty) payable will change from 1 July 2012 onwards. This change is great news for those buying a home or unit to live in as there is potential savings of between $5000 and $7000.
The applicable rate is based on the date the contract is entered into and not the settlement date. This may be a useful comparative tool for buyers currently in the market who wish to make an informed decision about timing their purchase.
The Office of State Revenue can also be contacted for further information on 1300 300 734.
The link below to a comprehensive stamp duty calculator allows buyers to calculate the amount of transfer duty they will be required to pay (both before and after the changes on 1 July 2012).
The Stamp Duty calculator can be found by clicking on the following link: