ARTICLE · 28 OCTOBER 2012

Queensland Transfer Duty Changes – The Real Effect

Norton Rose Fulbright Australia

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The Queensland Treasurer announced that the higher tier transfer duty rates for real estate transactions would change.

AustraliaTax

Michelle Ralston

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Queensland's State Budget 2012-13, delivered on Tuesday 11 September 2012, announced that the higher tier transfer duty rates for real estate transactions in Queensland would change. This announcement was closely followed by the enactment of the Fiscal Risk Amendment Bill 2012 (Qld) on Friday 14 September 2014, which amended the Duties Act 2001 (Qld) to effect these changes.

From what date do the changes apply?

The changes apply on and from 21 September 2012.

How do the changes affect your hip pocket?

Practically, your hip pocket will be affected as follows.

Real estate dutiable value	Existing duty rate	New duty rate	Affect to your hip pocket
Up to $5K	Nil

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