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ARTICLE · 12 JULY 2011

Queensland state revenue reforms and the Building Boost Grant

DLA Piper Australia
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Discusses changes brought about by the QLD Budget that affect buying and selling property.

AustraliaReal Estate and Construction
Tony Butler
Tony Butler
Rod Besley
Rod Besley
Mahoney Smith
Mahoney Smith

The 2011-2012 Budget for Queensland introduced a number of changes that will impact on buyers and sellers of residential property in Queensland.

The changes will be effective from 1 August 2011 and include:

  • the abolition of the home concession for transfer duty on transactions
  • adjustment of the transfer duty rates
  • the introduction of the Building Boost Grant.

Abolition of home concession

Where duty liability arises on or after 1 August 2011, the current transfer duty concession for people buying a home to live in as their principal place of residence will not apply.

The transfer duty rates for the purchase of a principal place of residence and an investment property will be the same.

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