Duty is a tax that is paid to the State Government when you purchase a property in Queensland. Depending on the purchase price of the property and your circumstances, the amount of the duty will vary.
If your buying a unit in Surfers Paradise for $350,000.00 the duty payable would be $10,675.00.
However, if the property is your first home you may be eligible for a concession of the entire Duty or if the property is not your first home but you intend on living in it, you may be eligible for a concession of $3,500.00.
As you can see the rates of duty and concessions vary. For a specific calculation of duty on a purchase price please contact MacGregor O’Reilly Solicitors for a quick answer.
MacGregor O’Reilly are Conveyancing Solicitors and can assist with all types of residential conveyancing, whether you are buying or selling. We ensure the process is as seamless as possible.
The above examples of the Duty in Queenlsand are current as at the date of publication and are often changed by the Office of State Revenue. They are only to be used as a guide and can not be relied upon.
For a calculation on Duty or more information call us on (07) 55706 766 or fill out the quick enquiry tab on the right-hand side.
Other useful information can be obtained from the Office of State Revenue: https://www.osr.qld.gov.au/