Queensland Government introduces changes to transfer duty and payroll tax

By Justin Byrne,Special Counsel and Hannah Byrn

The Treasury (Cost of Living) and Other Legislation Bill 2012 was introduced into Parliament by Queensland Treasurer Tim Nicholls late last week. If passed, the Bill will give effect to a number of key election commitments made by the LNP.

Here, special counsel Justin Byrne and solicitor Hannah Byrne outline the changes introduced by the Bill and how they will affect Queensland taxpayers.

Key changes

The Bill amends:

• the Duties Act 2001 to reinstate the transfer duty home concession, the previous transfer duty rate structure, and the previous phasing-out point of $550,000 for the reducing rebate for the transfer duty first home concession. These changes to duty will apply for transactions entered into on or after 1 July 2012;